Joby Aviation, a California-based company developing all-electric aircraft for aerial ridesharing, has announced that Joby Aero has completed its previously announced business combination with Reinvent Technology Partners (RTP), a special purpose acquisition company that takes a “venture capital at scale” approach to partnering with bold leaders and companies. Upon the completion of the transaction, RTP changed its name to “Joby Aviation, Inc.” Joby’s common stock and warrants will commence trading on the New York Stock Exchange (“NYSE”) on August 11, 2021, under the ticker symbols “JOBY” and “JOBY WS,” respectively.
“Aviation connects the world in critically important ways but today it does that at the expense of our planet,” said JoeBen Bevirt, founder and CEO at Joby. “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.”
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 ridesharing space. We believe Joby is well-positioned with capital to be the first company to certification and commercialization. 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.”
Morgan Stanley and Allen & Company served as placement agents on the PIPE transaction. Morgan Stanley and Allen & Company also served as financial advisors to Joby, and Latham & Watkins served as legal advisor. Skadden, Arps, Slate, Meagher & Flom LP served as legal advisor to RTP.
JetBlue Technology Ventures (JTV), the corporate venture capital subsidiary of JetBlue Airways, has congratulated its portfolio company Joby Aviation, Inc. (Joby) on the completion of its merger with Reinvent.
“We’re incredibly proud of the Joby team for all of the hard work that led to this moment and look forward to following their success for years to come. Joby’s product will transform the way that people move about urban environments every day, and also solve rising traffic congestion and vehicle pollution within connected cities,” said Amy Burr, president of JetBlue Technology Ventures.
Joby is building a fully-electric vertical take-off and landing (eVTOL) passenger aircraft that it intends to operate for commercial use in the U.S. beginning in 2024. The piloted, four-passenger aircraft travels at speeds up to 200 miles per hour, flies 150 miles on a single charge, and will be significantly quieter than existing rotorcraft or small planes during takeoff and landing.
JTV’s initial 2017 strategic investment in Joby aligns with its commitment to identify and invest in sustainable travel technology. In doing so, the subsidiary also aids JetBlue’s mission to become a sustainability leader. This announcement follows recent news that JetBlue is working in conjunction with Joby and Signature Aviation to ensure that the carbon markets for aviation include the generation of credits for flights powered by green electric and hydrogen propulsion technologies.
JTV continues to support Joby’s success via follow-on investments and assistance to help grow the company. JTV’s founder Bonny Simi joined Joby in December 2020 to serve as Joby’s Head of Air Operations and People to continue to guide the strategic direction of the company.