Archer Aviation (NYSE: ACHR) has secured important new funding from a partner as it moves toward production of its small electric plane. But the funding came at a steep price for existing shareholders.

Archer stock is down 10% as of 10:30 a.m. ET on Friday following the announcement.

Archer is one of a handful of companies working to commercialize electric vertical takeoff and landing (eVTOL) aircraft. Its plane, which would be capable of taking off and landing like a helicopter, would ferry a handful of passengers over crowded roads or work in partnership with airlines to transport passengers to larger jets.

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Source Fool.com