Joby Aviation has completed its business merger acquisition with Reinvent Technology Partners, becoming the first eVTOL aircraft company to be publicly listed on the New York Stock Exchange.
Company founder and CEO JoeBen Bivert celebrated this milestone with employees yesterday (Wednesday) as the team rang the opening bell to signal the start of RTP shares trading under the ticker for the combined company, JOBY. Additionally, a full-scale prototype of Joby’s eVTOL aircraft was put on display outside the New York Stock Exchange in Manhattan for the general public to view.
Commenting on the achievement, Bevirt said: “Aviation connects the world in critically important ways but today it does that at the expense of our planet. By taking Joby public we have the opportunity to drive a renaissance in aviation, making emissions-free flight a part of everyday life. This is our generation’s moonshot moment, and at Joby we’re proud to be leaning in.”
This transaction values Joby at $4.5 billion enterprise value, with proceeds raised plus cash on the balance sheet as of March 31, 2021 equaling approximately $1.6 billion. The proceeds are expected to fund Joby through initial commercial operations in 2024.
Joby’s eVTOL aircraft is on course to achieve certification with the FAA and can travel 150 miles on a single change at speeds of up to 200 miles an hour. It is able to transport a pilot and four passengers.
Leading up to being a publicly traded company, Joby has since completed what is believed to be the ‘longest eVTOL aircraft flight’, which saw its prototype fly more than 154 miles as part of its ongoing test flight campaign.
It has also demonstrated the aircraft’s low noise compared to other conventional helicopters and airplanes with a useful video.
While Joby is the first company to go public, Archer, Lilium and Vertical Aerospace have all announced similar combination mergers with Atlas Crest, Qell Acquisition Corp and Broadstone Acquisition Corp, respectively.
Reid Hoffman, LinkedIn Co-Founder and Co-Lead Director of RTP, added, “With its advanced technology, we believe Joby is ‘Tesla meets Uber in the air’ and the clear leader in the eVTOL and aerial ride-sharing space. We believe Joby is well-positioned with capital to be the first company to certification and commercialisation.
“Closing this business combination accelerates Joby’s roadmap, and we look forward to supporting JoeBen and Joby’s world-class team in executing on their vision.”