It's not just electric-vehicle startups taking advantage of the current interest surrounding SPAC deals, or reverse mergers as the deals are also referred to.
Joby Aviation, based in Santa Cruz, California, is one of the handful of startup companies in the race to develop electrically powered, low-noise flying taxis capable of vertical takeoff and landing (VTOL), and on Wednesday it announced plans to go public via a reverse merger with Reinvent Technology Partners, a special purpose acquisition company whose shares are already listed on the New York Stock Exchange.
The deal is expected to close later this year and will value the merged company at approximately $6.6 billion. Joby is expected to receive approximately $1.6 billion out of the deal, which it will use to fund operations through to the start of commercial operations, currently estimated for 2024.
Joby Aviation eVTOL
There's still a lot work to be done, including finalizing development of the flying taxi, gaining certification, and constructing a 450,000-square-foot plant. Construction of the plant is slated to begin later this year.
Joby's flying taxi is designed to seat four passengers and operates on electrical power alone. Joby quoted a range of more than 150 miles and speeds up to 200 mph, and the company said it has already conducted over 1,000 successful test flights.
The company was founded in 2009 by JoeBen Bevirt, who is also its CEO, and it boasts Toyota as an investor. The Japanese automaker, which is linked to rival flying taxi company SkyDrive, invested $394 million in Joby in early 2020. Uber is also a key investor, and Joby only last December acquired Uber's flying taxi division known as Uber Elevate. Joby also last December became the first company to receive airworthiness approval for an electric VTOL aircraft as part of the U.S. Air Force's Agility Prime program, designed to accelerate the commercial adoption of electric aviation.