Joby Widens USAF Partnership, Will Deliver Two eVTOL Aircraft to MacDill AFB

Rhea-AI Summary

Joby Aviation, Inc. (JOBY) to deliver two electric air taxis to MacDill Air Force Base as part of a $131M contract with the U.S. Air Force for test and training purposes. The company's partnership with the DoD aims to explore various military use cases for its aircraft, highlighting the potential of eVTOL technology in logistics, transport, and security operations.

Insights

Defense Industry Analyst

The announcement of Joby Aviation's delivery of two aircraft to MacDill Air Force Base under the AFWERX Agility Prime contract with the U.S. Air Force represents a significant milestone for the defense sector's adoption of electric vertical takeoff and landing (eVTOL) technology. The collaboration between Joby and the Department of Defense (DoD) showcases a strategic push towards integrating innovative flight technologies into military operations, which could lead to transformative changes in logistics, personnel transport and casualty evacuation.

Joby's eVTOL aircraft, with its low maintenance requirements, high speed and reduced noise levels, offers a compelling alternative to traditional rotorcraft for the DoD. This could potentially lead to cost savings in terms of fuel, maintenance and training, while also aligning with the broader government initiatives for reduced carbon emissions. The operational testing and use case exploration at MacDill AFB will provide critical data to assess the practicality and efficiency of eVTOLs in active duty scenarios.

Furthermore, the progression through the Federal Aviation Administration (FAA) type certification process indicates Joby's commitment to meeting rigorous safety and operational standards. This could bolster confidence among military stakeholders and pave the way for broader adoption within the defense industry. However, as with any emerging technology, there are risks associated with the integration of eVTOLs into the military's operational fleet, including the need for new training protocols and the potential for unforeseen technical challenges.

Financial Analyst

The financial implications of Joby Aviation's contract with the U.S. Air Force are noteworthy for investors and industry stakeholders. With a contract value of up to $131 million, this partnership represents a significant revenue stream for Joby and underscores the company's leading position in the eVTOL market. The potential total contract value of $163 million with the DoD, the largest in the industry, signals strong government support and confidence in Joby's technology.

Joby's pioneering status in receiving military airworthiness approval for its pre-production prototype aircraft could provide it with a competitive edge in the defense sector. This early operational experience with the DoD could also serve as a proof of concept, enhancing Joby's credibility and marketability for future commercial passenger service endeavors. It is important for investors to monitor the company's progress through the remaining stages of FAA certification, as successful completion is critical for commercial service launch and scaling operations.

The stock market often reacts positively to announcements of government contracts, especially those involving innovative technology and sustainable solutions. However, investors should be aware of the inherent risks in the aerospace sector, including regulatory hurdles, technological advancements from competitors and the long timelines typically involved in bringing aerospace products to market.

Aerospace Technology Expert

The technical aspects of Joby Aviation's eVTOL aircraft are central to understanding its potential impact on the aerospace industry. The design, which accommodates a pilot and four passengers with speeds of up to 200 mph, presents a significant advancement in terms of speed and efficiency compared to traditional helicopters. The electric propulsion system not only contributes to a quieter and more environmentally friendly operation but also aligns with the global shift towards greener technologies.

The hands-on experience that U.S. Air Force, Marine Corps and Army personnel will gain from the aircraft at MacDill AFB is critical for assessing the viability of eVTOLs in various military applications. This includes evaluating the aircraft's performance in realistic mission scenarios, which is essential for the eventual integration of eVTOLs into the national airspace system. The low acoustic footprint of eVTOLs is particularly advantageous for military operations, where stealth and reduced noise are valuable for tactical advantage.

Joby's engagement with the Defense Innovation Unit (DIU) and the subsequent development support highlight the importance of public-private partnerships in advancing aerospace technology. The ongoing mission analysis and flight training are important steps in adapting eVTOLs for logistical and medical applications, potentially revolutionizing the way the military approaches these critical functions.

• Aircraft will be used by the U.S. Air Force for test and training

• Four Joby aircraft are now committed to U.S. Air Force bases as part of the company’s $131M contract with the DoD

SANTA CRUZ, Calif.--(BUSINESS WIRE)-- Joby Aviation, Inc. (NYSE:JOBY), a company developing electric air taxis for commercial passenger service, today announced it will deliver two aircraft to MacDill Air Force Base (“AFB”) in 2025 as part of the Company’s AFWERX Agility Prime contract with the U.S. Air Force.

Two of Joby’s prototype electric air taxi aircraft at the company’s flight test and manufacturing facilities in Marina, California. Joby Aviation photo

MacDill AFB is home to the U.S. Special Operations Command (“USSOCOM”), U.S. Central Command (“CENTCOM”), and units from the Air Mobility Command (“AMC”), along with numerous logistics-oriented units. Personnel will test and train with the aircraft based at MacDill AFB, on base and in the surrounding area.

Joby delivered its first aircraft to Edwards Air Force Base in California in September 2023, with a second aircraft expected to be placed on the base this year. At Edwards, the Joby team is working closely with the 412th Test Wing on testing and experimentation that will inform future operational testing at MacDill AFB in Tampa, Florida.

Joby’s Agility Prime contract includes the provisioning of up to nine aircraft total to the U.S. Air Force and other federal agencies. In 2020, Joby became the first eVTOL developer to receive military airworthiness approval for its pre-production prototype aircraft.

At MacDill AFB, Joby will be working directly with DoD operational units for the first time, enabling units to carry out representative logistics missions and test use cases in personnel transport, casualty evacuation, and support of security forces. Initial evaluations have demonstrated that the low maintenance requirements and operating costs, high speed, and low acoustic footprint of eVTOL aircraft like Joby’s can enable a diverse array of DoD use cases. Joby will continue to train USAF pilots and maintainers, and other government partners, on this new category of electric aircraft.

“The early investment and vision by the US government in this critical technology is proving foundational as we continue our path toward commercial passenger service. We’re grateful to our partners at the Department of Defense for their ongoing support and continued leadership in adopting eVTOL technology,” said JoeBen Bevirt, Founder and CEO of Joby. “We’re looking forward to working with units at MacDill Air Force Base as we further explore the potential use cases for our aircraft, demonstrating its capabilities in realistic settings.”

“This work will provide Joby with valuable early operational experience, while providing the USAF with firsthand understanding of the performance of our aircraft and its potential applications,” added Bevirt.

Joby’s electric air taxi is designed to carry a pilot and four passengers at speeds of up to 200 mph, offering high-speed mobility with a fraction of the noise produced by helicopters and zero operating emissions.

“The Agility Prime team is very excited to progress through a novel acquisition approach,” said Lt Col John Tekell, Agility Prime Branch Chief. “These two aircraft at MacDill AFB allow the program to take the next steps in learning to maximize the operational opportunity of eVTOLs.”

U.S. Air Force, Marine Corps, and Army aviators, ground crews and program managers have made multiple visits to Joby’s manufacturing and flight test facilities in Marina, CA for ongoing flight training and mission analysis regarding potential logistics, medical, and personnel transport applications of the aircraft.

Joby’s longstanding partnership with the Department of Defense (DoD) dates back to its 2016 engagement with the Defense Innovation Unit (DIU), which granted the Company early funding as well as access to test ranges and expertise that have aided its aircraft development program. Since then, Joby has expanded its work to include the AFWERX Agility Prime program, with Joby’s current and previously completed work with the DoD representing a total potential contract value of $163 million, the largest in the industry.

Joby announced in February that it has completed the third of five stages of the type certification process required by the Federal Aviation Administration (FAA) for commercial service.

About Joby

Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi which it intends to operate as part of a fast, quiet, and convenient service in cities around the world. To learn more, visit www.jobyaviation.com.

About AFRL

The Air Force Research Laboratory is the primary scientific research and development center for the Department of the Air Force. AFRL plays an integral role in leading the discovery, development, and integration of affordable warfighting technologies for our air, space and cyberspace force. With a workforce of more than 12,500 across nine technology areas and 40 other operations across the globe, AFRL provides a diverse portfolio of science and technology ranging from fundamental to advanced research and technology development. For more information, visit www.afresearchlab.com.

About AFWERX

As the innovation arm of the DAF and a directorate within the Air Force Research Laboratory, AFWERX brings cutting-edge American ingenuity from small businesses and start-ups to address the most pressing challenges of the DAF. AFWERX employs approximately 370 military, civilian and contractor personnel at five hubs and sites executing an annual $1.4 billion budget. Since 2019, AFWERX has executed 6,028 new contracts worth more than $4 billion to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability. For more information, visit: www.afwerx.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of our aircraft, the growth of our manufacturing capabilities, our regulatory outlook, progress and timing; our planned operations with the Department of Defense, including our plans to deliver two aircraft to MacDill Air Force Base in 2025, plans to deliver a second aircraft to Edwards Air Force Base in 2024 and the expected benefits of our work with the Department of Defense; our business plan, objectives, goals and market opportunity; and our current expectations relating to our business, financial condition, results of operations, prospects, capital needs and growth of our operations. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to launch our aerial ridesharing service and the growth of the urban air mobility market generally; our ability to produce aircraft that meet our performance expectations in the volumes and on the timelines that we project, and our ability to launch our service; reliance on annual appropriations for continued funding of Department of Defense programs such as the Agility Prime Program; the competitive environment in which we operate; our future capital needs; our ability to adequately protect and enforce our intellectual property rights; our ability to effectively respond to evolving regulations and standards relating to our aircraft; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; and other important factors discussed in the section titled “Risk Factors” in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2024, and in future filings and other reports we file with or furnish to the SEC. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this presentation. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

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Joby Aviation

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Source: Joby Aviation, Inc.

FAQ

What is the purpose of Joby Aviation's partnership with the U.S. Air Force?

Joby Aviation's partnership with the U.S. Air Force aims to deliver two electric air taxis to MacDill Air Force Base for test and training purposes as part of a $131M contract.

How many aircraft will Joby deliver to the U.S. Air Force as part of the Agility Prime contract?

Joby will deliver up to nine aircraft total to the U.S. Air Force and other federal agencies as part of the Agility Prime contract.

What are some potential use cases for Joby's electric air taxis in military operations?

Joby's electric air taxis can be used for personnel transport, casualty evacuation, and support of security forces, showcasing their versatility in diverse DoD use cases.

What is the speed capability of Joby's electric air taxi?

Joby's electric air taxi can reach speeds of up to 200 mph, providing high-speed mobility for military applications.

What is the significance of Joby's partnership with the Department of Defense (DoD)?

Joby's partnership with the DoD, dating back to 2016, has resulted in a total potential contract value of $163 million, demonstrating the company's commitment to military innovation and collaboration.