Air taxi start-up Joby Aviation has entered into a definitive business combination agreement with Reinvent Technology Partners (NYSE:RTP), a special purpose acquisition company (SPAC) co-founded by Reid Hoffman, LinkedIn Co-Founder. Upon the closing of the transaction, the combined company will be named Joby Aviation, and become publicly traded on the New York Stock Exchange.
The transaction values the combined company at $6.6 billion post-money equity value. The proceeds are expected to fund the eVTOL company through start of passenger service launch, including certification of aircraft and development of manufacturing facilities.
JoeBen Bevirt, Founder and CEO of Joby Aviation, says: “For the last decade, we have been laser-focused on one task – developing the best possible technology for this market. But 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. Today’s transaction lets us look ahead to the next decade and provides us with the resources we need to bring our vision to life. Since our very first meeting it was clear that Reinvent shared our fundamental desire to have a positive, long-term impact on the world and we couldn’t be more excited to welcome them onboard.”
Reid Hoffman, LinkedIn Co-Founder and Co-Lead Director of Reinvent Technology Partners, who will join the combined company Board of Directors, states: “Reinvent invests in world-class founders and teams who are developing industry-leading products and services that have the potential to impact millions of lives. In Joby we see a remarkable founder-led team that has quietly delivered the most advanced technology we’ve seen in this sector. With valuable strategic partnerships including Toyota and Uber, a compelling business model and an unparalleled track-record of executing against its targets, we believe Joby is well-positioned to create a transformative new human-centered mobility network. Through our venture capital at scale approach, we are committed to Joby’s long-term success as it continues on its journey to revolutionize commutes and drive decades of innovation in human movement.”
Paul Sciarra, Executive Chairman of Joby Aviation, adds: “While traveling is central to human existence, it’s often painfully inefficient and is only getting worse. 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 strategic partnership with Toyota for production and recently acquired Uber Elevate.