California-based aircraft urban air mobility (UAM) developer Joby Aviation officially went public following the completion of a business combination with special purpose acquisition company Reinvent Technology Partners (RTP) on Tuesday. As previously reported by AVweb, Joby announced plans to take the company public last February along with releasing the first in-flight video of its electric vertical takeoff and landing (eVTOL) prototype. To celebrate the move, Joby displayed its aircraft outside of the New York Stock Exchange on Tuesday morning.
“Aviation connects the world in critically important ways but today it does that at the expense of our planet,” said Joby founder and CEO JoeBen Bevirt. “By taking Joby public we have the opportunity to drive a renaissance in aviation, making emissions-free flight a part of everyday life.”
According to Joby, its proceeds raised plus cash on the balance sheet came to approximately $1.6 billion as of March 31, 2021, funding which the company expects to see it through initial commercial operations. Along with agreeing to a G-1 certification basis with the FAA and putting in an application for a Part 135 air carrier certificate, Joby reports that it has currently completed more than 1,000 test flights of it eVTOL design including a 154-mile trip flown last month. Powered by six electric motors, Joby’s aircraft is expected to seat a pilot and four passengers and have a range of at least 150 miles and top speed of 200 MPH.
