Company:Joby Aviation

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Short description: American aerospace company
Joby Aviation
FormerlyJoby Aero (2009–2021)
TypePublic
NYSE: JOBY
IndustryAerospace, Advanced Air Mobility
FoundedSeptember 11, 2009; 14 years ago (2009-09-11)
FounderJoeBen Bevirt
Headquarters
Santa Cruz, California
,
U.S.
Key people
  • JoeBen Bevirt (CEO)
  • Paul Sciarra (Chairman)
ProductsElectric aircraft
Decrease US$−392 million (2022)
Decrease US$−258 million (2022)
Total assetsDecrease US$1.29 billion (2022)
Total equityDecrease US$1.16 billion (2022)
Number of employees
1,422 (2023)
Websitejobyaviation.com
Footnotes / references
[1][2][3]

Joby Aviation is a United States venture-backed aviation company, developing an electric vertical takeoff and landing (eVTOL) aircraft that it intends to operate as an air taxi service.[4] Joby Aviation is headquartered in Santa Cruz, California, and has offices in San Carlos, California; Marina, California; and Munich, Germany.[5]

History

Joby Aviation was founded on September 11, 2009 (called Joby Aero) as one of several projects incubated by JoeBen Bevirt on his ranch in the Santa Cruz Mountains, using the proceeds from successful exits of previous companies.[6][5] According to the company's website, the early years were spent exploring different components of electric aviation, including electric motors, flight software, and lithium-ion batteries.[7] This research led Joby to participate in the NASA X-57 Maxwell and LEAPTech projects, before developing its own air taxi concept.[7] Joby's early concept, publicly called the S2, had eight tilting propellers arrayed along the leading edge of its wing and four more tilting propellers mounted on its V-shaped tail.[8] Later, the company moved to a configuration that features six rotating propellers.

By 2015, the company was operating subscale prototypes of its eVTOL aircraft, moving to full-scale unmanned prototypes in 2017, and a production prototype in 2019. In 2018, the company announced a Series B funding round of $100 million, led by Toyota AI Ventures. By 2019, the company was in active conversations with the FAA about certifying the aircraft and announced a partnership with Uber's Elevate division.[9]

For its first ten years, Joby operated in stealth mode, sometimes leading to skepticism of the company's claims.[10] The first journalist granted access to the aircraft in 2018 agreed not to disclose details about the aircraft.[11] In 2020, however, the company began releasing significantly more information, starting with its January announcement of a $590 million funding round, led by Toyota Motor Corporation.[12] At that announcement, the company revealed its production vehicle.[13] In January 2020, Bevirt was a keynote speaker at the meeting of the Vertical Flight Society.[14]

In January 2020, Joby announced plans to manufacture the aircraft in Marina, California at the Marina Municipal Airport. The plans include an initial 55,000 square foot production facility, followed by a 500,000 square foot factory.[15] Late in 2020, Joby Aviation acquired Uber Elevate,[16] and the U.S. Air Force announced it had granted Joby its first eVTOL airworthiness certification as part of its Agility Prime program.[17]

In February 2021, the company announced a partnership with Garmin to provide flight deck equipment[18] and announced that it had obtained a 'G-1' certification basis for its aircraft with the FAA.[19] In May, 2021, a NOVA episode featured Joby.[20][21]

The City and FAA approved the company's plan in June 2021.[22]

In August 2021, the company announced a 155-mile flight on a single charge in 77 minutes, comparative noise tests against other aircraft and its application for air Part 135 and Part 23 carrier certifications. The battery used an 811 NMC (nickel-manganese-cobalt oxide) cathode and a graphite anode.[23] On August 11, the company went public using a special-purpose acquisition company.[24]

In January 2022, the company registered what it claimed was the fastest eVTOL flight to date, traveling at a true airspeed of 205 mph (330 km/h).[25] On February 16, 2022, a remotely piloted prototype crashed during a test flight in rural California,[26] sustaining substantial damage. The National Transportation Safety Board determined that the crash and subsequent fire were caused by an in-flight component failure.[27]

In April 2022, Joby acquired H2Fly, a spinoff of the DLR Institute of Engineering Thermodynamics of the German Aerospace Center.[28]

In May 2022, Joby received Part 135 air service certification from the FAA, operating a fleet of Cirrus SR22s while it continues seeking certification for its eVTOL aircraft.[29][30]

Joby S4 parked on a taxiway following ground testing at Edwards AFB

On June 28, 2023, the company rolled out the first production version of the aircraft and announced it had received FAA approval to flight test that version, sending its stock price as high as 42% above its previous close in midday trading. The company said the U.S. Air Force will receive early production units in 2024 as part of a $131 million contract, which would be the first ever eVTOL to be delivered to a paying customer. Joby expects full certification and entry into service in 2025.[31][32]

Joby flew its aircraft in New York on November 12, 2023, marking the first eVTOL flight in the city and the first time Joby has flown in an urban setting. [33]

Financing

The company was originally self-financed by Bevirt, after the sale of his previous companies, Velocity11 and GorillaPod. On February 1, 2018, Joby Aviation announced it raised $100 million in a Series B round of funding, including from Intel Capital, Toyota AI Ventures, Jet Blue Technology Ventures, and Tesla/SpaceX-backer Capricorn Investment Group. On January 15, 2020, Joby Aviation announced a Series C round of funding, totaling $590 million, led by Toyota Motor Corporation and a manufacturing partnership with Toyota. In December 2020, Joby Aviation acquired Elevate, Uber's air taxi division, and also received a $75 million investment from Uber, bringing Joby Aviation's total funds raised to $820 million.[34][35]

In January 2021, it was reported that Joby Aviation was exploring a special-purpose acquisition company (also known as "blank check corporation") to become a public company.[36] In February 2021, the company entered into a business combination agreement with Reinvent Technology Partners, a SPAC funded by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus. Shares in the SPAC, incorporated October 2020 in the Cayman Islands in 2020, were traded on the New York Stock Exchange as the symbol RTP.[37][38] Upon the closing of the transaction, the combined company will be named Joby Aviation, and become publicly traded, with its common stock to be listed on the New York Stock Exchange as the symbol JOBY.[39][40]

In October 2022, Delta Air Lines announced a $60 million investment in Joby Aviation to offer “home-to-airport” flights, at first from New York City and Los Angeles.[41]

Technology and service

Schematic illustrations of a top view of the aircraft in a hover configuration, from a Joby patent corresponding to the production prototype configuration

The Joby aircraft is intended to be a four-passenger commercial aircraft with a pilot, capable of traveling up to 150 mi (240 km) on a single charge at a top speed of 200 mph (320 km/h), with a maximum payload of 1,000 pounds.[42][31] It is designed to take off and land vertically like a helicopter, and transition to horizontal cruise like a fixed-wing aircraft.[31] Near silent in flight,[43] the aircraft is designed to be 100 times quieter during takeoff and landing than a helicopter. Joby plans to mass-produce its aircraft, with a plan to operate a piloted on-demand air-taxi service.[2] The aircraft will be electrically powered and operate with zero emissions. The aircraft will be operated as a service with per-trip passenger pricing.[44]

Joby described the Uber Elevate acquisition as a way to accelerate its commercial launch through Elevate's tools and personnel. Elevate had previously operated a service called Uber Copter, which allowed all Uber users in the New York area to book a trip to John F. Kennedy International Airport, with a car taking riders to a heliport and a helicopter then taking riders to the airport.[45] While the service used Bell 430 helicopters with Uber branding, the aircraft were operated by a separate helicopter company, Heliflite.[46] Joby Aviation cited Elevate's software tools enabling market selection, demand simulation and multi-modal operations as the reasons to purchase Elevate, suggesting the acquisition may play a significant role in Joby's commercial service.[47] Joby has not commented on whether it will continue Elevate's plans to launch in Los Angeles , Dallas, and Melbourne.

See also

References

  1. ↑ "Joby Aviation LLC: company profile". Bloomberg. https://www.bloomberg.com/profiles/companies/1072358D:US-joby-aviation-llc. 
  2. ↑ 2.0 2.1 "Air-Taxi Startup Has a Working Prototype and a Fresh $100 Million". Bloomberg. February 1, 2018. https://www.bloomberg.com/news/articles/2018-02-01/air-taxi-startup-joby-has-a-working-prototype-and-a-fresh-100m. 
  3. ↑ "Joby Aviation, Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 1 March 2023. https://www.sec.gov/ix?doc=/Archives/edgar/data/1819848/000181984823000059/joby-20221231.htm. 
  4. ↑ Bogaisky, Jeremy. "With Toyota's Help, This Secretive Entrepreneur May Finally Give Us Flying Cars" (in en). https://www.forbes.com/sites/jeremybogaisky/2020/11/23/joby-toyota-flying-cars/. 
  5. ↑ 5.0 5.1 "Proxy Statement Pursuant to Rule 424(b)(3) Reinvent Technology Partners". Prospectus. US Securities and Exchange Commission. July 16, 2021. https://www.sec.gov/Archives/edgar/data/0001819848/000119312521217583/d143794d424b3.htm. 
  6. ↑ Bogaisky, Jeremy. "With Toyota's Help, This Secretive Entrepreneur May Finally Give Us Flying Cars" (in en). https://www.forbes.com/sites/jeremybogaisky/2020/11/23/joby-toyota-flying-cars/. 
  7. ↑ 7.0 7.1 "Our Story | Joby". Joby Aviation Company website. https://www.jobyaviation.com/about/. 
  8. ↑ Whittle, Richard (2016-07-30). "In 15 years, we could be flying in silent planes that emit zero fumes" (in en-US). https://nypost.com/2016/07/30/in-15-years-we-could-be-flying-in-silent-planes-that-emit-zero-fumes/. 
  9. ↑ Hawkins, Andrew J. (2019-12-20). "Uber's plan to launch an air taxi service in 2023 just got a boost from a secretive startup" (in en). https://www.theverge.com/2019/12/20/21029943/uber-joby-aviation-flying-car-air-taxi-2023. 
  10. ↑ "Joby Unveils eVTOL Design Details And Certification Plans". https://aviationweek.com/aerospace/urban-unmanned-aviation/joby-unveils-evtol-design-details-certification-plans. 
  11. ↑ "Air-Taxi Startup Has a Working Prototype and a Fresh $100 Million" (in en). Bloomberg.com. 2018-02-01. https://www.bloomberg.com/news/articles/2018-02-01/air-taxi-startup-joby-has-a-working-prototype-and-a-fresh-100m. 
  12. ↑ Hawkins, Andrew J. (2020-01-15). "Toyota makes a big bet on secretive flying taxi startup Joby Aviation" (in en). https://www.theverge.com/2020/1/15/21068135/joby-aviation-toyota-flying-air-taxi-investment-amount. 
  13. ↑ says, Ahmed. "Joby Aviation reveals S4 and $590 million in new funding" (in en-US). https://evtol.com/news/joby-aviation-reveals-s4-toyota-investment/. 
  14. ↑ Kenneth I. Swartz and Mike Hirschberg (March 5, 2020). "The First Electric VTOL Unicorn: Joby Aviation". Vertiflite. https://evtol.news/news/the-first-electric-vtol-unicorn-joby-aviation. 
  15. ↑ Shalev, Asaf (January 16, 2020). "Joby Aviation plans to build a massive factory for flying cars in Marina" (in en). https://www.montereycountyweekly.com/news/local_news/joby-aviation-plans-to-build-a-massive-factory-for-flying-cars-in-marina/article_c4bf7c9e-380a-11ea-8873-ab86fbd1e784.html. 
  16. ↑ Kumar, Tina Bellon, Uday Sampath (2020-12-09). "Joby Aviation takes over Uber's air taxi business, Elevate" (in en). Reuters. https://www.reuters.com/article/us-uber-divestiture-idUSKBN28I32P. 
  17. ↑ "First Military eVTOL Airworthiness Awarded to Joby Aviation" (in en). 2020-12-10. https://www.aviationtoday.com/2020/12/10/first-military-evtol-airworthiness-awarded-joby-aviation/. 
  18. ↑ "Garmin G3000 integrated flight deck selected by Joby Aviation for revolutionary eVTOL aircraft" (in en-US). 2021-02-10. https://www.garmin.com/en-US/newsroom/press-release/aviation/garmin-g3000-integrated-flight-deck-selected-by-joby-aviation-for-revolutionary-evtol-aircraft/. 
  19. ↑ "Joby Aviation established certification basis with FAA last year, the company reveals" (in en-US). https://evtol.com/news/joby-aviation-established-certification-basis-faa-last-year/. 
  20. ↑ Jennifer Robinson (May 25, 2021). "Great Electric Airplane Race". KPBS. https://www.kpbs.org/news/2021/may/25/nova-great-electric-airplane-race/. 
  21. ↑ Miles O'Brien (May 26, 2021). "NOVA: Great Electric Airplane Race". PBS. https://www.pbs.org/wgbh/nova/video/great-electric-airplane-race/. 
  22. ↑ "Final Environmental Assessment: Proposed Joby Aviation Manufacturing Facility at Marina Municipal Airport" (in en). https://www.cityofmarina.org/DocumentCenter/View/12088/Joby-Final-EA---070721. 
  23. ↑ Norris, Guy (August 6, 2021). "Joby Hits Range, Noise Targets On Road To Certification". https://aviationweek.com/aerospace/urban-unmanned-aviation/joby-hits-range-noise-targets-road-certification. 
  24. ↑ Bogaisky, Jeremy. "Electric Air Taxi Maker Joby Goes Public, Offering Investors Sky-High Potential—And Risk" (in en). https://www.forbes.com/sites/jeremybogaisky/2021/08/11/joby-stock-spac-nyse/. 
  25. ↑ Blain, Loz (2022-01-24). "Joby S4 hits 205 mph, flying further and faster than any eVTOL to date" (in en-US). https://newatlas.com/aircraft/joby-evtol-speed-flight-test/. 
  26. ↑ Thom Patterson (February 17, 2022). "Joby Aviation eVTOL Test Aircraft Goes Down During Flight". Flying magazine. https://www.flyingmag.com/joby-aviation-evtol-test-aircraft-involved-in-accident/. 
  27. ↑ Niles, Russ (March 14, 2022). "NTSB Says 'Component Failure' Caused Joby Crash". AVweb. https://www.avweb.com/aviation-news/ntsb-says-component-failure-caused-joby-crash/. 
  28. ↑ "Joby Acquires Hydrogen Propulsion Specialist H2Fly". 8 June 2022. https://aviationweek.com/aerospace/advanced-air-mobility/joby-acquires-hydrogen-propulsion-specialist-h2fly. 
  29. ↑ O'Connor, Kate (26 May 2022). "Joby Receives Part 135 Certificate". AVweb. https://www.avweb.com/recent-updates/evtols-urban-mobility/joby-receives-part-135-certificate/. 
  30. ↑ Patterson, Thom (26 May 2022). "Joby Receives FAA Part 135 Certification". Flying Magazine. https://www.flyingmag.com/joby-receives-faa-part-135-certification/. 
  31. ↑ 31.0 31.1 31.2 Ludlow, Ed (2023-06-28). "Joby's Flying Taxi Is Closer to Reality With Production, Expanding Testing" (in en-US). Bloomberg. https://finance.yahoo.com/news/jobys-flying-taxi-closer-reality-135648985.html. 
  32. ↑ Moore, Jim (June 29, 2023). "Joby rolls out eVTOL production prototype". https://www.aopa.org/news-and-media/all-news/2023/june/29/joby-rolls-out-evtol-production-prototype. 
  33. ↑ Host, Pat (13 November 2023). "Joby, Volocopter perform demonstration flights in NYC, which seeks to electrify its downtown heliport". Avionics International. https://www.aviationtoday.com/2023/11/13/joby-volocopter-perform-demonstration-flights-in-nyc-which-seeks-to-electrify-its-downtown-heliport/. 
  34. ↑ Kumar, Tina Bellon, Uday Sampath (2020-12-09). "Joby Aviation takes over Uber's air taxi business, Elevate" (in en). Reuters. https://www.reuters.com/article/us-uber-divestiture-idUSKBN28I32P. 
  35. ↑ "Joby Aviation Welcomes New $75M Investment from Uber as it Acquires Uber Elevate and Expands Partnership". https://www.jobyaviation.com/news/joby-aviation-welcomes-new-75m-investment-from-uber-as-it-acquires-uber-elevate-and-expands-partnership/. Retrieved August 3, 2021. 
  36. ↑ Sen, Joshua Franklin, Anirban (2021-01-21). "Exclusive: Air taxi start-up Joby explores deal to go public - sources" (in en). Reuters. https://www.reuters.com/article/us-joby-aero-m-a-exclusive-idUSKBN29Q2NP. 
  37. ↑ NYSE: RTP
  38. ↑ "Reinvent Technology Partners X". Amendment No. 1 to Form S-1 Registration Statement. US Securities and Exchange Commission. May 26, 2021. https://www.sec.gov/Archives/edgar/data/0001828109/000119312521173706/d162107ds1a.htm. 
  39. ↑ "Joby Aviation to List on NYSE Through Merger With Reinvent Technology Partners" (in en). 2021-02-24. https://www.businesswire.com/news/home/20210224005391/en/Joby-Aviation-to-List-on-NYSE-Through-Merger-With-Reinvent-Technology-Partners. 
  40. ↑ "Joby Aviation Announces Closing of Business Combination with Reinvent Technology Partners to Become Publicly Traded Company" (Press release). Joby Aviation. 2021-08-10.
  41. ↑ Hawkins, Andrew (October 11, 2022). "Delta Airlines will invest up to $200 million in Joby Aviation to create a ‘home-to-airport’ air taxi service". The Verge. https://www.theverge.com/2022/10/11/23396851/delta-joby-invest-evtol-home-to-airport. 
  42. ↑ Bogaisky, Jeremy. "With Toyota's Help, This Secretive Entrepreneur May Finally Give Us Flying Cars" (in en). Forbes. https://www.forbes.com/sites/jeremybogaisky/2020/11/23/joby-toyota-flying-cars/?sh=43c19f434cb8. 
  43. ↑ "Joby Unveils eVTOL Design Details And Certification Plans | Aviation Week Network". https://aviationweek.com/aerospace/urban-unmanned-aviation/joby-unveils-evtol-design-details-certification-plans. 
  44. ↑ "Reinvent & Joby Investment Memo". Filing for 425: Prospectuses and communications, business combinations. US Securities and Exchange Commission. July 8, 2021. https://www.sec.gov/Archives/edgar/data/0001819848/000119312521210407/d46602d425.htm. 
  45. ↑ Vora, Shivani (2019-06-05). "Uber Copter to Offer Flights From Lower Manhattan to J.F.K. (Published 2019)" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2019/06/05/travel/uber-helicopter-nyc-jfk.html. 
  46. ↑ Samantha Murphy Kelly (2019-10-04). "Uber's new helicopter service is an expensive, time-consuming adventure" (in en). https://www.cnn.com/2019/10/04/tech/uber-copter-review/index.html. 
  47. ↑ "9. Getting Focused: Tools and Approaches", The Talent Revolution (University of Toronto Press): pp. 161–163, 2019-12-31, doi:10.3138/9781487511890-010, ISBN 978-1-4875-1189-0, http://dx.doi.org/10.3138/9781487511890-010, retrieved 2021-01-23 

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