Electric air taxi startup Joby Aviation will merge with the Reinvent Technology Partners SPAC to go public at a $6.6B valuation. The SPAC was formed by Mark Pincus, the founder of Zynga, and Reid Hoffman, co-founder of LinkedIn. It raised $690M during its public listing last year.
- The merger will provide Joby with $1.6B of cash proceeds. It will use the funds to launch its commercial passenger service in 2024.
- Joby's aircraft will be able to travel 150 miles on a single charge and reach a maximum speed of 200 mph. It's reportedly 100 times quieter than a normal aircraft.
- Joby has completed 1000 test flights and forecasts that each aircraft will earn $2.2 million in revenue. A single aircraft will cost $1.3M to produce.
- Since its inception, Joby has raised $820M, including $125M from Uber. In December, Joby purchased Uber's air taxi unit, Uber Elevate.
- Hoffman, who will join Joby's board, said, "we see a remarkable founder-led team that has quietly delivered the most advanced technology we've seen in this sector."