Joby Begins Journey to Becoming First eVTOL Airline
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.
- Initiation of the Part 135 Air Carrier Certificate process for FAA approval.
- Targets launch of all-electric air taxi service in 2024.
- Plans to operate existing certified aircraft while awaiting eVTOL certification.
- Designed for zero operational emissions with a range of 150 miles.
- Type certification for eVTOL not expected until 2023.
- RTP merger vote risks potential delays or complications.
Joby Aero Inc. (“Joby”), a California-based company developing all-electric aircraft for commercial passenger service, today announced it had taken the first step towards building the first eVTOL airline, by beginning the process to receive a Part 135 Air Carrier Certificate issued by the Federal Aviation Administration (“FAA”).
(Photo: Business Wire)
A Part 135 Air Carrier Certificate is required for Joby to operate its revolutionary aircraft as an air taxi service in cities and communities around the United States. Alongside a Type Certificate and Production Certificate, this is one of three regulatory approvals critical to the planned launch of Joby’s all-electric aerial ridesharing service in 2024.
The Company is now in the first of five stages necessary for Joby to achieve Part 135 certification in 2022. It expects to start the next stage of the process in August, with the submission of additional application materials including the full complement of airline operating manuals. Once that documentation is approved, the FAA will visit Joby locations to observe training sessions and witness flight operations before issuing its final approval.
As Joby’s all-electric vertical take-off and landing (“eVTOL”) aircraft is not expected to receive its type certification until 2023, the company intends to operate traditional, existing, certified aircraft under the Part 135 air carrier certification from 2022 before adding the Joby aircraft to the airline operating certificate once it is certified.
The process is led by Joby’s Head of Air Operations, Bonny Simi, an aviation executive who held key operational and strategic positions at JetBlue Airways as it underwent a period of rapid growth. Simi also has over 30 years of experience as an airline pilot at JetBlue and United Airlines.
“We’re excited to reach this milestone on the path toward becoming the first eVTOL airline in the world,” said Simi. “We look forward to working closely with the FAA as we prepare to welcome passengers to a new kind of air travel — one that is environmentally friendly, quiet enough to operate close to cities and communities, and will save people valuable time.”
Joby’s air operations team includes numerous aviation industry veterans with extensive experience, including Kellen Mollahan, a former MV-22 pilot with the U.S. Marine Corps, as assistant director of operations; Matthew Lykins, an expert maintenance safety inspector and auditor, avionics technician and pilot with more than 30 years of experience, as director of maintenance; Peter Wilson, former lead test pilot for the F-35B program with more than 35 years of flight test and instructor experience, as director of flight standards and training; and Jill Wilson, an aviation safety leader who has held roles at Embraer, XO Jet and Cape Air.
Joby’s all-electric aircraft is designed to transport a pilot and four passengers with zero operation emissions. The aircraft has a range of 150 miles, can travel at speeds up to 200 mph and has a revolutionary low noise footprint.
Last year, Joby agreed to a “G-1” certification basis with the FAA for its aircraft in line with existing Part 23 requirements for Normal Category Airplanes, with special conditions introduced to address requirements specific to Joby’s unique aircraft. In line with this certification approach, Joby will employ commercial airline pilots licensed under existing FAA regulations to fly its passenger service.
In February 2021, Joby announced its intention to merge with Reinvent Technology Partners (“Reinvent” or “RTP”) (NYSE:RTP), a special purpose acquisition company that takes a “venture capital at scale” approach to partnering with bold leaders and companies. RTP announced that an Extraordinary General Meeting of Shareholders has been scheduled for August 5, 2021 to vote on the approval and adoption of RTP’s business combination with Joby.
About Joby
Joby Aero, Inc. is a California-headquartered transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a range of 150 miles on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 800 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com.
Forward Looking Statements
This Press Release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between RTP and Joby Aviation. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” in “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Press Release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of RTP’s securities, (ii) the risk that the transaction may not be completed by RTP’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by RTP, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Agreement and Plan of Merger, dated as of February 23, 2021 (the “Merger Agreement”), by and among RTP, Joby and RTP Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of RTP, by the shareholders of RTP, the satisfaction of the minimum trust account amount following redemptions by RTP’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on Joby Aviation’s business relationships, operating results and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Joby Aviation and potential difficulties in Joby Aviation employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Joby Aviation or against RTP related to the Merger Agreement or the transaction, (x) the ability to maintain the listing of RTP’s securities on a national securities exchange, (xi) the price of RTP’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which RTP plans to operate or Joby Aviation operates, variations in operating performance across competitors, changes in laws and regulations affecting RTP’s or Joby Aviation’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive aviation industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of RTP’s Annual Report on Form 10-K for the year ended December 31, 2020, as amended, the registration statement on Form S-4 (File No. 333-254988) and other documents filed by RTP from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and RTP and Joby Aviation assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither RTP nor Joby Aviation gives any assurance that either RTP or Joby Aviation or the combined company will achieve its expectations.
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FAQ
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