The California-based venture-backed aerospace company Joby Aviation reveals its first electric aircraft.
The company has spent more than a decade developing all-electric, piloted, vertical takeoff and landing passenger aircraft,
And with over 1,000 test flights conducted to date.
Joby Aviation will become a public company by clubbing with Reinvent Technology Partners. Which is a SPAC backed by Reid Hoffman, co-founder of Microsoft’s LinkedIn, and Zynga co-founder Mark Pincus.
After becoming a combined company, it will be listed on the New York Stock Exchange.
The New company will have a post-money valuation of $6.6billion, In this deal Joby Aviation will get $1.6 billion in cash.
And $690 million will come from Reinvent’s cash in trust, $835 million from a private investor The Baupost Group.
The accounts and funds will be managed by Baillie Gifford, BlackRock and Fidelity Management and research.
JoeBen Bevirt, The Founder and CEO of Joby Aviation, said:
“For the last decade, we have been laser-focused on one task – developing the best possible technology for this market.
“But our long-term vision has always been to build a global passenger service, helping a billion people to save an hour every day, while contributing to the protection of our precious planet,”
“Today’s transaction lets us look ahead to the next decade and provides us with the resources we need to bring our vision to life, Since our very first meeting it was clear that Reinvent shared our fundamental desire to have a positive,”
“long-term impact on the world and we couldn’t be more excited to welcome them onboard, According to the company’s investor presentation Joby Aviation expects each aircraft to cost around $1.3 million to manufacture.
Joby Aviation estimates that each aircraft will generate $2.2 million in revenue.
