Joby Aviation Launches $300M Public Offering to Fund eVTOL Development
Joby Aviation, an electric vertical takeoff and landing (eVTOL) startup, has announced a public offering aiming to raise up to $300 million. This follows an initial offering of $200 million in October, later increased by $100 million. The funds will support Joby's certification and manufacturing processes, its planned 2025 commercial launch, and general working capital.
The company plans to grant underwriters a 30-day option to purchase an additional $30 million in shares. This move comes shortly after a $500 million investment from Toyota and new FAA guidelines for eVTOL integration into U.S. airspace. Joby has raised a total of $2.6 billion to date, according to PitchBook. For more on emerging technologies, see Apple Watch Ultra 3: Satellite Connectivity and 5G.
Joby aims to launch air taxi services in 2025 in New York City, Los Angeles, Dubai, and Abu Dhabi, partnering with Delta Air Lines and Uber. They also hold a $131 million contract with the Department of Defense. However, before launch, Joby must complete the FAA's type certification process. Interested in the future of transportation? Check out Best Android Smartwatches of 2024.
This funding round signifies a crucial step for Joby as it navigates the regulatory landscape and prepares for commercial operations. For related news on AI and its impact, see AI-Generated Voices Used in Russian Disinformation Campaign.