Entrepreneurship

What we know about Joby Aviation, eVTOL startup valued at $6.6 billion

Read more at www.businessinsider.com

  • Joby Aviation is a leader in electric aviation and just announced plans to go public. 
  • Its four-passenger electric vertical takeoff and land aircraft is slated to earn certification in 2023.
  • A planned merger with a Reid Hoffman-backed SPAC values the company at $6.6 billion.
  • Visit the Business section of Insider for more stories.

Joby Aviation is among the most promising startups in the electric aviation field, boasting plans for zero-emission intra-city transportation with a fleet of four-seat electric vertical takeoff and land aircraft.

Valuable partnerships with Uber and Toyota gave the firm steady funding in recent years and solidified its reputation in the field. Industry consultants and venture capitalists all gave the 11-year-old company a vote of confidence when asked to name the best electric aviation startups by Insider in January.  

Joby most recently secured a merger with a special purpose acquisition company, or

SPAC
, that will bring the company public. The deal values the company at $6.6 billion and provides $910 million in private investment in public equity funding from the likes of Uber Technologies and BlackRock.

Electric aviation is an industry with no shortage of competitors as startups work to unlock the secret behind electric urban air mobility. One of its main rivals, Archer Aviation, just inked a deal with United Airlines for $1 billion in orders, for example.

And time is quickly coming for these aircraft to become a reality as Joby expects to launch commercial operations in 2024. 

Here’s what we know about Joby Aviation.

Read more at www.businessinsider.com

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