Joby Aviation to go public via SPAC at $6.6bn
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Joby Aviation announced that it has entered into a definitive business combination agreement with Reinvent Technology Partners (RTP) (NYSE:RTP), a special purpose acquisition company (SPAC), that will take the eVTOL manufacturer public at $6.6bn post money.
The valuation is higher than previously anticipated $5.7bn. The deal is expected to provide about $1.6bn in gross proceeds, which the company intends to use in starting commercial operations.
According to TechCrunch, $690 million of proceeds will come from RTP and an $835 million from private investors The Baupost Group, funds and accounts managed by BlackRock, Fidelity Management & Research LLC and Baillie Gifford.
JoeBen Bevirt, founder and CEO of Joby Aviation said: “Our long-term vision has always been to build a global passenger service, helping a billion people to save an hour every day, while contributing to the protection of our precious planet.”
Paul Sciarra, executive chairman of Joby Aviation said: “By rethinking how air travel is delivered, we can open up new ways of moving around congested cities and under-served rural communities, helping to tackle congestion and climate change at the same time. Aerial ridesharing will drive a generational shift in how we travel this century, just as the railroad and the jet aircraft did in previous centuries.”
“Joby has a remarkable founder-led team that has quietly delivered the most advanced technology we’ve seen in this sector,” said Reid Hoffman, LinkedIn co-founder and co-lead director of Reinvent Technology Partners, who will join the Board of Directors of the combined company.
Joby is currently backed by Toyota and investment manager Baillie Gifford. The deal also comes shortly after Joby acquired the Uber Elevate ecosystem in December 2020. That deal brought total investment in Joby to $820m.
With more than 1,000 test flights completed over the last 10 years, Joby intends to use its piloted, four-passenger aircraft to launch a commercial passenger service beginning in 2024.
See JoeBen Bevirt’s video announcement below:
