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Joby Aviation, Inc. has successfully completed its merger with Reinvent Technology Partners (RTP), which will now trade as Joby on the NYSE under the ticker symbol JOBY. This merger provides Joby with an enterprise value of $4.5 billion and approximately $1.6 billion in funds to support its operations. Joby aims to develop an all-electric aerial taxi service, with hopes of initiating commercial operations by 2024. The company has completed over 1,000 test flights and is working towards FAA certification for its eVTOL aircraft.
Reinvent Technology Partners (RTP) announced that shareholders approved its business combination with Joby Aviation, a company developing all-electric vertical take-off and landing aircraft. The transaction, valued at $4.5 billion, is set to close on August 10, 2021. Post-combination, RTP will be renamed Joby Aviation, Inc., trading under the ticker symbols "JOBY" and "JOBY WS." The deal aims to provide approximately $1.6 billion in funding to support Joby's plans for a zero-emissions aerial ridesharing service starting in 2024.
Joby Aero, a California-based company developing all-electric aircraft, has opened a new office in Washington, DC, to foster collaboration with aviation stakeholders and policymakers for zero-emissions aviation. The office showcases a flight simulator where visitors can experience eVTOL aircraft. Joby plans to launch an aerial ridesharing service in 2024, capable of transporting a pilot and four passengers at speeds up to 200 mph. The company continues to partner with JetBlue Airways and is working with the U.S. Air Force to advance its commercialization efforts.
Joby Aero Inc. has initiated the process for obtaining a Part 135 Air Carrier Certificate from the FAA, paving the way for its all-electric vertical take-off and landing (eVTOL) aircraft service. This certification is crucial for Joby to launch its air taxi service in 2024. Currently, Joby is in the first of five stages to achieve this certification, planning to operate existing certified aircraft initially. The company aims to operate with zero emissions and has a flight range of 150 miles, with speeds up to 200 mph. The merger with Reinvent Technology Partners is set for a shareholder vote on August 5, 2021.
Joby Aero announced a significant milestone in its electric air taxi development, completing a full-size prototype flight of over 150 miles on a single charge. The test, conducted in Big Sur, CA, lasted more than 1 hour and 17 minutes, showcasing the aircraft's vertical take-off and landing capabilities. Joby plans to begin commercial passenger services in 2024, aiming for speeds of up to 200 mph. The company is also working on FAA certification and has received US Air Force Airworthiness Approval.
Reinvent Technology Partners (RTP) will hold an Extraordinary General Meeting on August 5, 2021, to vote on its merger with Joby Aviation, a company developing an all-electric aircraft for commercial use by 2024. Shareholders recorded as of June 14, 2021, can vote on the agreement, with RTP expected to rebrand as Joby Aviation, Inc. upon completion. In addition, a Warrant Holders Meeting will occur the same day to approve amendments to the warrant agreement. Proxy materials will be sent to shareholders around July 19, 2021.
Joby Aviation has partnered with REEF Technology and Neighborhood Property Group to develop takeoff and landing sites for its aerial ridesharing service, set to launch in 2024. This collaboration gives Joby access to over 5,000 parking locations across major US metropolitan areas, facilitating the establishment of skyports. Joby aims to provide a quiet and efficient air taxi service for distances of 5-150 miles, utilizing underused parking garages. The partnership comes ahead of Joby's merger with Reinvent Technology Partners, projected to bring $1.6 billion in gross proceeds.
Joby Aviation is set to feature in the NOVA documentary 'Great Electric Airplane Race' on May 26, 2021, at 9 PM EST on PBS. The documentary provides insight into Joby's all-electric vertical takeoff and landing (eVTOL) aircraft, which has completed over 1,000 test flights and aims for commercial operation by 2024. The film highlights the potential of electric aviation to transform transportation, featuring interviews with Joby's CEO, JoeBen Bevirt, and showcasing the aircraft's capabilities. Joby plans to merge with Reinvent Technology Partners (RTP) to accelerate its business as it prepares for an air taxi service.
Joby Aviation has announced a definitive business combination agreement with Reinvent Technology Partners (RTP), a special purpose acquisition company. This merger, expected to close by Q2 2021, will result in Joby becoming publicly traded with a pro forma market capitalization of $6.6 billion. Joby aims to launch its all-electric air taxi service in the U.S. by 2024 and has secured significant backing, including a $690 million fund from RTP and an $835 million private placement. With over 1,000 test flights completed and FAA certifications achieved, Joby is poised to revolutionize urban mobility.
