Aibot awarded $15m by California Competes programme
Aibot has been awarded a $15m grant from the California Competes Grant Program.
The California Governor’s Office of Business and Economic Development (GO-Biz), which gives out the grants, received grant requests totalling over $1.8 billion for the $120 million in grants available through the programme. Aibot was one of only eight recipients to be awarded and one of two of eVTOL firms, alongside Joby.
Jerry Wang executive chairperson of Aibot said: “Receiving this grant is a powerful endorsement of our mission and potential. We’re ready to utilise this opportunity to fortify our role as an ultra-high-tech leader in the Advanced Air Mobility sector, making substantial contributions to California’s economy and job market.”
Aibot has plans to use the $15m to create 697 new jobs and act as the basis for up to $494m of capital investment over the next five years, it said. With that in mind, the firm is actively expanding its team at present.
Dee Dee Myers, senior advisor to California governor Newsom and GO-Biz Director, added: “AAM is an industry of the future, and we want to ensure California remains a leader in that industry. We look forward to Aibot’s success as they build out their company and continue to grow their presence across California.”
In early 2024, Aibot will host a debut event at its Long Beach headquarters, where the company will introduce its technology, products and business plans. Later in the year, Aibot will unveil its first commercial unmanned eVTOL aircraft, designed to serve industries including cargo, agriculture, high-speed inspection and medical deliveries.
Assembly member Josh Lowenthal, representing California’s 69th District said: “Aibot’s selection for the CalCompetes Grant is a resounding vote of confidence in their innovative approach and groundbreaking technology. Their commitment to creating a sustainable and interconnected future aligns perfectly with California’s economic and environmental goals, and I’m excited to see how their expansion will energise Long Beach and the surrounding communities.”
Mayor of Long Beach Rex Richardson added: “I’m delighted that Long Beach’s Aibot was awarded a $15m CalCompetes Grant, recognising their green innovation and technological leadership. This supports our city’s economic growth and sustainability vision, and I’m proud of their contribution to our community.”