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Joby Aviation

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Joby Aviation
FormerlyJoby Aero (2009–2021)
Company typePublic
NYSE: JOBY
IndustryAerospace, Advanced Air Mobility
FoundedSeptember 11, 2009; 15 years ago (2009-09-11)
FounderJoeBen Bevirt
Headquarters
Santa Cruz, California
,
U.S.
Key people
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

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Start up

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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]

Development

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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 of Marina and FAA approved the company's plan for a production facility 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 hydrogen-aviation pioneer 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. A demonstration flight was performed at the Downtown Manhattan Heliport as part of an announcement by the city of its intention to electrify the facility. [33]

In September 2023, Joby Aerospace delivered its first eVTOL air taxi to Edwards Air Force Base in California.[34]

The autonomy division of Xwing was acquired by Joby Aviation in June 2024. [35]

On Feb, 2024, Joby Aviation announced that it has begun the process of becoming a certified air taxi operator in the United Arab Emirates (UAE). The announcement was made during the International Civil Aviation Organization’s first Advanced Air Mobility Summit in Montreal, Canada. Founder and CEO JoeBen Bevirt met with His Excellency Saif Mohammed Al Suwaidi, Director General of the UAE General Civil Aviation Authority, to present Joby’s Letter of Intent to start its Air Operator Certificate application in the UAE. This move marks Joby’s expansion into international markets for urban air mobility services.[36]

On June 24, 2024, Joby Aviation's S4 eVTOL demonstrator, converted to hydrogen-electric power in May, completed a record 523 miles non-stop flight, more than triple the range of the battery powered version. It landed with 10% fuel remaining in its cyrogenic fuel tank that had a capacity of 88 lb of liquid hydrogen at 22 Kelvin. The H2Fly-developed ‘H2F-175’ hydrogen fuel cell system provided the power for the six electric rotors of the eVTOL during its flight; a small battery, charged by the fuel cell, provided added takeoff and landing power. The only in-flight emission was water vapor.[37][38]

Financing

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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.[39][40]

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.[41] 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.[42][43] 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.[44][45]

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.[46]

Air taxi service

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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 air taxi is intended to be a four-passenger commercial aircraft with a pilot, capable of traveling up to 150 miles (240 km) on a single charge at a top speed of 200 mph (320 km/h), with a maximum payload of 1,000 pounds.[47][31] It is designed to take off and land vertically like a helicopter, and transition to horizontal cruise like a fixed-wing aircraft.[31] Nearly silent in flight,[48] the electric-powered aircraft is designed to operate with no emissions and to be 100 times quieter during takeoff and landing than a helicopter. Joby plans to mass-produce its eVTOL, with a plan to operate a piloted on-demand air-taxi service.[2] The aircraft will be operated as a service with per-trip passenger pricing.[49]

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.[50] While the service used Bell 430 helicopters with Uber branding, the aircraft were operated by a separate helicopter company, Heliflite.[51] 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.[52] Joby has not commented on whether it will continue Elevate's plans to launch in Los Angeles, Dallas, and Melbourne.

In Nov 2024, Toyota and Joby Aviation successfully completed a historic air taxi test flight in Japan, marking a significant milestone in urban air mobility. This test flight involved an electric vertical takeoff and landing (eVTOL) aircraft developed through a collaborative effort between the two companies. The event, which took place over a prominent Japanese urban landscape, showcased the potential for air taxis to become a viable solution for urban transportation in densely populated areas. Toyota's involvement underscores its commitment to advancing mobility technologies beyond conventional automotive applications, with a particular focus on sustainable, electric-powered solutions.[53]

See also

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References

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  1. ^ "Joby Aviation LLC: company profile". Bloomberg.
  2. ^ a b "Air-Taxi Startup Has a Working Prototype and a Fresh $100 Million". Bloomberg. February 1, 2018.
  3. ^ "Joby Aviation, Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 1 March 2023.
  4. ^ Bogaisky, Jeremy. "With Toyota's Help, This Secretive Entrepreneur May Finally Give Us Flying Cars". Forbes. Retrieved 2020-12-10.
  5. ^ a b "Proxy Statement Pursuant to Rule 424(b)(3) Reinvent Technology Partners". Prospectus. US Securities and Exchange Commission. July 16, 2021. Retrieved July 16, 2021.
  6. ^ Bogaisky, Jeremy. "With Toyota's Help, This Secretive Entrepreneur May Finally Give Us Flying Cars". Forbes. Retrieved 2021-01-23.
  7. ^ a b "Our Story | Joby". Joby Aviation Company website. Retrieved July 14, 2021.
  8. ^ Whittle, Richard (2016-07-30). "In 15 years, we could be flying in silent planes that emit zero fumes". New York Post. Retrieved 2021-01-23.
  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". The Verge. Retrieved 2021-01-23.
  10. ^ "Joby Unveils eVTOL Design Details And Certification Plans". aviationweek.com. Aviation Week Network. Retrieved 2021-01-23.
  11. ^ "Air-Taxi Startup Has a Working Prototype and a Fresh $100 Million". Bloomberg.com. 2018-02-01. Retrieved 2021-01-23.
  12. ^ Hawkins, Andrew J. (2020-01-15). "Toyota makes a big bet on secretive flying taxi startup Joby Aviation". The Verge. Retrieved 2021-01-23.
  13. ^ says, Ahmed. "Joby Aviation reveals S4 and $590 million in new funding". evtol.com. Retrieved 2021-01-23.
  14. ^ Kenneth I. Swartz and Mike Hirschberg (March 5, 2020). "The First Electric VTOL Unicorn: Joby Aviation". Vertiflite. Retrieved July 14, 2021.
  15. ^ Shalev, Asaf (January 16, 2020). "Joby Aviation plans to build a massive factory for flying cars in Marina". Monterey County Weekly. Retrieved August 14, 2021.
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  17. ^ "First Military eVTOL Airworthiness Awarded to Joby Aviation". Aviation Today. 2020-12-10. Retrieved 2021-01-23.
  18. ^ "Garmin G3000 integrated flight deck selected by Joby Aviation for revolutionary eVTOL aircraft". Garmin Newsroom. 2021-02-10. Retrieved 2021-02-15.
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  21. ^ Miles O'Brien (May 26, 2021). "NOVA: Great Electric Airplane Race". PBS. Retrieved July 16, 2021.
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  23. ^ Norris, Guy (August 6, 2021). "Joby Hits Range, Noise Targets On Road To Certification". aviationweek.com. Aviation Week Network. Retrieved 2021-08-08.
  24. ^ Bogaisky, Jeremy. "Electric Air Taxi Maker Joby Goes Public, Offering Investors Sky-High Potential—And Risk". Forbes. Retrieved 2021-08-11.
  25. ^ Blain, Loz (2022-01-24). "Joby S4 hits 205 mph, flying further and faster than any eVTOL to date". New Atlas. Retrieved 2022-01-26.
  26. ^ Thom Patterson (February 17, 2022). "Joby Aviation eVTOL Test Aircraft Goes Down During Flight". Flying magazine.
  27. ^ Niles, Russ (March 14, 2022). "NTSB Says 'Component Failure' Caused Joby Crash". AVweb. Archived from the original on March 14, 2022. Retrieved March 14, 2022.
  28. ^ "Joby Acquires Hydrogen Propulsion Specialist H2Fly". aviationweek.com. 8 June 2022.
  29. ^ O'Connor, Kate (26 May 2022). "Joby Receives Part 135 Certificate". AVweb.
  30. ^ Patterson, Thom (26 May 2022). "Joby Receives FAA Part 135 Certification". Flying Magazine.
  31. ^ a b c Ludlow, Ed (2023-06-28). "Joby's Flying Taxi Is Closer to Reality With Production, Expanding Testing". Yahoo Finance. Bloomberg. Retrieved 2023-06-28.
  32. ^ Moore, Jim (June 29, 2023). "Joby rolls out eVTOL production prototype". www.aopa.org. Retrieved June 30, 2023.
  33. ^ Host, Pat (13 November 2023). "Joby, Volocopter perform demonstration flights in NYC, which seeks to electrify its downtown heliport". Avionics International. Retrieved 17 December 2023.
  34. ^ "Joby delivers first eVTOL to USAF base". Globalair.com. 2023-09-25. Retrieved 2024-03-20.
  35. ^ "Joby Acquires Xwing Autonomy Division, Looks Ahead to Autonomous Flight". Joby Aviation, Inc. 2024-06-04. Retrieved 2024-06-24.
  36. ^ "Joby applies to be first certified electric air taxi operator in UAE". Globalair.com. 2024-09-10. Retrieved 2024-09-11.
  37. ^ Weiss, Chris C. (July 11, 2024). "Joby's record 523-mile eVTOL flight: A huge leap for hydrogen aviation". newatlas.com. Retrieved July 24, 2024.
  38. ^ Herrera, James (July 24, 2024). "Joby Aviation takes 523-mile hydrogen-electric flight above Monterey County". Monterey County Herald. East Bay Times. Retrieved 24 July 2024.
  39. ^ Kumar, Tina Bellon, Uday Sampath (2020-12-09). "Joby Aviation takes over Uber's air taxi business, Elevate". Reuters. Retrieved 2020-12-09.{{cite news}}: CS1 maint: multiple names: authors list (link)
  40. ^ "Joby Aviation Welcomes New $75M Investment from Uber as it Acquires Uber Elevate and Expands Partnership". www.jobyaviation.com. Retrieved August 3, 2021.
  41. ^ Sen, Joshua Franklin, Anirban (2021-01-21). "Exclusive: Air taxi start-up Joby explores deal to go public - sources". Reuters. Retrieved 2021-01-23.{{cite news}}: CS1 maint: multiple names: authors list (link)
  42. ^ NYSE: RTP
  43. ^ "Reinvent Technology Partners X". Amendment No. 1 to Form S-1 Registration Statement. US Securities and Exchange Commission. May 26, 2021. Retrieved July 16, 2021.
  44. ^ "Joby Aviation to List on NYSE Through Merger With Reinvent Technology Partners". www.businesswire.com. 2021-02-24. Retrieved 2021-02-28.
  45. ^ "Joby Aviation Announces Closing of Business Combination with Reinvent Technology Partners to Become Publicly Traded Company" (Press release). Joby Aviation. 2021-08-10.
  46. ^ 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.
  47. ^ Bogaisky, Jeremy. "With Toyota's Help, This Secretive Entrepreneur May Finally Give Us Flying Cars". Forbes. Retrieved 2021-02-26.
  48. ^ "Joby Unveils eVTOL Design Details And Certification Plans | Aviation Week Network". aviationweek.com. Retrieved 2021-02-26.
  49. ^ "Reinvent & Joby Investment Memo". Filing for 425: Prospectuses and communications, business combinations. US Securities and Exchange Commission. July 8, 2021. Retrieved July 16, 2021.
  50. ^ Vora, Shivani (2019-06-05). "Uber Copter to Offer Flights From Lower Manhattan to J.F.K. (Published 2019)". The New York Times. ISSN 0362-4331. Retrieved 2021-01-23.
  51. ^ Samantha Murphy Kelly (2019-10-04). "Uber's new helicopter service is an expensive, time-consuming adventure". CNN Digital. Retrieved 2021-01-23.
  52. ^ "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, S2CID 242377176, retrieved 2021-01-23
  53. ^ "Toyota and Joby Aviation Complete Historic Air Taxi Test Flight in Japan". TechGetHub. 2024. Retrieved 2024-11-05.
[edit]
  • Official website
  • Business data for Joby Aviation, Inc.:
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