Boeing is selling three electric vertical takeoff and landing (eVTOL) subsidiaries to Archer Aviation and will also take an equity stake in Archer. The assets include Wisk Aero, SkyGrid and Insitu. Boeing and Archer will share technology, while Boeing will retain access to Wisk’s autonomous flight system for commercial and defence projects. Archer plans to begin pilot air taxi services before year-end in New York, Texas and Florida.

Crypto and defence-focused bank Erebor is discussing raising new funds at a valuation of at least $8 billion, Bloomberg News reported on July 2, citing sources familiar with the matter. If the deal is completed, Erebor’s valuation would nearly double from $4.35 billion recognised when it raised $350 million in December last year. The talks are at an early stage and the exact valuation is still being negotiated, the sources said.