Electric Aircraft Start-Up Accuses Rival of Stealing Its Secrets
Intellectual property lawsuits are not uncommon in quickly developing and promising industries — as Mr. Page knows well. In one recent case, Waymo, a company owned by Google’s parent, Alphabet, accused one of its former employees and Uber of stealing trade secrets to gain an advantage in the race to develop autonomous cars. The companies settled the case in 2018, and the former Waymo employee, Anthony Levandowski, a one-time confidant of Mr. Page, was sentenced in 2020 to 18 months in prison. Former President Donald J. Trump pardoned him in January.
Archer announced its merger in February with a SPAC, Atlas Crest Investment, in a deal that valued the company at $3.8 billion. Wisk said its suspicions were confirmed at that time when Archer released a presentation that contained designs similar to those in a Wisk patent filing.
Wisk says its Cora aircraft can fly a pair of passengers about 25 miles at a speed of about 100 miles per hour. Archer says it is developing an aircraft that can carry up to four people on a 60-mile trip, topping out at 150 m.p.h. Both aircraft are being designed to fly autonomously.
It is unclear whether Wisk’s concerns came up in Atlas’s evaluation of Archer before the two struck a deal. The SPAC is backed by an affiliate of the investment bank Moelis & Company, which leaned on its bankers, and others to help vet Archer, the bank’s founder, Ken Moelis, told The New York Times in an interview when announcing the transaction.
“We had 35, 40 people on this — and we attacked this like venture growth would or anybody else,” Mr. Moelis said. “And we did it fast, too.”
A spokeswoman for Moelis declined to comment.
Other companies trying to make electric aircraft include Joby Aviation, which announced a $6.6 billion deal with a SPAC led by the LinkedIn co-founder Reid Hoffman in February, and the German start-up Lilium, which went public last month by merging with a SPAC led by a former General Motors executive, Barry Engle.
Those deals are only a small sliver of the SPAC activity this year, as investors, celebrities and athletes have all raced to partake in Wall Street’s new favorite toy. So far this year, 299 SPACs have raised $97 billion, according to SPAC Research — more than in all of 2020.