Joby Aviation was founded on September 11, 2009 (called Joby Aero) as one of several projects incubated by JoeBen Bevirt on his ranch in the Santa Cruz Mountains, using the proceeds from successful exits of previous companies.[6][5] According to the company's website, the early years were spent exploring different components of electric aviation, including electric motors, flight software, and lithium-ion batteries.[7] This research led Joby to participate in the NASA X-57 Maxwell and LEAPTech projects, before developing its own air taxi concept.[7] Joby's early concept, publicly called the S2, had eight tilting propellers arrayed along the leading edge of its wing and four more tilting propellers mounted on its V-shaped tail.[8] Later, the company moved to a configuration that features six rotating propellers.
By 2015, the company was operating subscale prototypes of its eVTOL aircraft, moving to full-scale unmanned prototypes in 2017, and a production prototype in 2019. In 2018, the company announced a Series B funding round of $100 million, led by Toyota AI Ventures. By 2019, the company was in active conversations with the FAA about certifying the aircraft and announced a partnership with Uber's Elevate division.[9]
For its first ten years, Joby operated in stealth mode, sometimes leading to skepticism of the company's claims.[10] The first journalist granted access to the aircraft in 2018 agreed not to disclose details about the aircraft.[11] In 2020, however, the company began releasing significantly more information, starting with its January announcement of a $590 million funding round, led by Toyota Motor Corporation.[12] At that announcement, the company revealed its production vehicle.[13] In January 2020, Bevirt was a keynote speaker at the meeting of the Vertical Flight Society.[14]
In January 2020, Joby announced plans to manufacture the aircraft in Marina, California at the Marina Municipal Airport. The plans include an initial 55,000 square foot production facility, followed by a 500,000 square foot factory.[15] Late in 2020, Joby Aviation acquired Uber Elevate,[16] and the U.S. Air Force announced it had granted Joby its first eVTOL airworthiness certification as part of its Agility Prime program.[17]
In February 2021, the company announced a partnership with Garmin to provide flight deck equipment[18] and announced that it had obtained a 'G-1' certification basis for its aircraft with the FAA.[19] In May, 2021, a NOVA episode featured Joby.[20][21]
The City and FAA approved the company's plan in June 2021.[22]
In August 2021, the company announced a 155-mile flight on a single charge in 77 minutes, comparative noise tests against other aircraft and its application for air Part 135 and Part 23 carrier certifications. The battery used an 811 NMC (nickel-manganese-cobalt oxide) cathode and a graphite anode.[23] On August 11, the company went public using a special-purpose acquisition company.[24]
In January 2022, the company registered what it claimed was the fastest eVTOL flight to date, traveling at a true airspeed of 205mph (330km/h).[25] On February 16, 2022, a remotely piloted prototype crashed during a test flight in rural California,[26] sustaining substantial damage. The National Transportation Safety Board determined that the crash and subsequent fire were caused by an in-flight component failure.[27]
In April 2022, Joby acquired H2Fly, a spinoff of the DLR Institute of Engineering Thermodynamics of the German Aerospace Center.[28]
In May 2022, Joby received Part 135 air service certification from the FAA, operating a fleet of Cirrus SR22s while it continues seeking certification for its eVTOL aircraft.[29][30]
Joby S4 parked on a taxiway following ground testing at Edwards AFB
On June 28, 2023, the company rolled out the first production version of the aircraft and announced it had received FAA approval to flight test that version, sending its stock price as high as 42% above its previous close in midday trading. The company said the U.S. Air Force will receive early production units in 2024 as part of a $131 million contract, which would be the first ever eVTOL to be delivered to a paying customer. Joby expects full certification and entry into service in 2025.[31][32]
Joby flew its aircraft in New York on November 12, 2023, marking the first eVTOL flight in the city and the first time Joby has flown in an urban setting. [33]
In September 2023, Joby Aerospace delivered its first eVTOL air taxi to Edwards Air Force Base in California.[34]
Financing
The company was originally self-financed by Bevirt, after the sale of his previous companies, Velocity11 and GorillaPod. On February 1, 2018, Joby Aviation announced it raised $100 million in a Series B round of funding, including from Intel Capital, Toyota AI Ventures, Jet Blue Technology Ventures, and Tesla/SpaceX-backer Capricorn Investment Group. On January 15, 2020, Joby Aviation announced a Series C round of funding, totaling $590 million, led by Toyota Motor Corporation and a manufacturing partnership with Toyota. In December 2020, Joby Aviation acquired Elevate, Uber's air taxi division, and also received a $75 million investment from Uber, bringing Joby Aviation's total funds raised to $820 million.[35][36]
In January 2021, it was reported that Joby Aviation was exploring a special-purpose acquisition company (also known as "blank check corporation") to become a public company.[37] In February 2021, the company entered into a business combination agreement with Reinvent Technology Partners, a SPAC funded by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus. Shares in the SPAC, incorporated October 2020 in the Cayman Islands in 2020, were traded on the New York Stock Exchange as the symbol RTP.[38][39] Upon the closing of the transaction, the combined company will be named Joby Aviation, and become publicly traded, with its common stock to be listed on the New York Stock Exchange as the symbol JOBY.[40][41]
In October 2022, Delta Air Lines announced a $60 million investment in Joby Aviation to offer “home-to-airport” flights, at first from New York City and Los Angeles.[42]
Technology and service
Schematic illustrations of a top view of the aircraft in a hover configuration, from a Joby patent corresponding to the production prototype configuration
The Joby aircraft is intended to be a four-passenger commercial aircraft with a pilot, capable of traveling up to 150mi (240km) on a single charge at a top speed of 200mph (320km/h), with a maximum payload of 1,000 pounds.[43][31] It is designed to take off and land vertically like a helicopter, and transition to horizontal cruise like a fixed-wing aircraft.[31] Near silent in flight,[44] the aircraft is designed to be 100 times quieter during takeoff and landing than a helicopter. Joby plans to mass-produce its aircraft, with a plan to operate a piloted on-demand air-taxi service.[2] The aircraft will be electrically powered and operate with zero emissions. The aircraft will be operated as a service with per-trip passenger pricing.[45]
Joby described the Uber Elevate acquisition as a way to accelerate its commercial launch through Elevate's tools and personnel. Elevate had previously operated a service called Uber Copter, which allowed all Uber users in the New York area to book a trip to John F. Kennedy International Airport, with a car taking riders to a heliport and a helicopter then taking riders to the airport.[46] While the service used Bell 430 helicopters with Uber branding, the aircraft were operated by a separate helicopter company, Heliflite.[47] Joby Aviation cited Elevate's software tools enabling market selection, demand simulation and multi-modal operations as the reasons to purchase Elevate, suggesting the acquisition may play a significant role in Joby's commercial service.[48] Joby has not commented on whether it will continue Elevate's plans to launch in Los Angeles, Dallas, and Melbourne.
The Eclipse 500 is a very light jet (VLJ) originally produced by Eclipse Aviation of Albuquerque, New Mexico, United States. The company was founded in 1998 to develop the 1997 Williams V-Jet II demonstrator. The prototype first flew with Williams EJ22 turbofans on August 26, 2002. The engines were replaced by Pratt & Whitney Canada PW610Fs in 2004 and Eclipse Aviation won the Collier Trophy in February 2006 for the design. A provisional FAA type certification was received on 27 July 2006 and the first delivery occurred on 31 December 2006.
An air taxi is a small commercial aircraft that makes short flights on demand.
A personal air vehicle (PAV) is a proposed class of passenger aircraft providing on-demand air transport.
The Cirrus Vision SF50, also known as the Vision Jet, is a single-engine very light jet designed and produced by Cirrus Aircraft of Duluth, Minnesota, United States.
Surf Air is a Los Angeles-based aviation marketplace that offers members access to regional semi-private flights with their scheduled flights from San Carlos Airport (SQL) to Hawthorne Airport (HHR), Santa Barbara Airport (SBL), and Truckee Tahoe Airport (TRK).
A passenger drone is an autonomous aircraft that is designed to carry a small number of passengers to a destination.
Urban Air Mobility (UAM) is the use of small, highly automated aircraft to carry passengers or cargo at lower altitudes in urban and suburban areas which have been developed in response to traffic congestion. It usually refers to existing and emerging technologies such as traditional helicopters, vertical-takeoff-and-landing aircraft (VTOL), electrically propelled, vertical-takeoff-and-landing aircraft (eVTOL), and unmanned aerial vehicles (UAVs). These aircraft are characterized by the use of multiple electric-powered rotors or fans for lift and propulsion, along with fly-by-wire systems to control them. Inventors have explored urban air mobility concepts since the early days of powered flight. However, advances in materials, computerized flight controls, batteries and electric motors improved innovation and designs beginning in the late 2010s. Most UAM proponents envision that the aircraft will be owned and operated by professional operators, as with taxis, rather than by private individuals.
Lilium GmbH is a German aerospace company which is the developer of the Lilium Jet, an electrically powered personal air vehicle capable of VTOL flight.
Kitty Hawk Corporation was an American aircraft manufacturer producing electric ultralight aircraft.
Volocopter GmbH is a German aircraft manufacturer based in Bruchsal and founded by Alexander Zosel and Stephan Wolf. The company specializes in the design of electric multirotor helicopters in the form of personal air vehicles, designed for air taxi use. The CEO is Dirk Hoke and chairman Stefan Klocke.
Vertical Aerospace Ltd. is an aerospace manufacturer based in Bristol, England. It designs and builds zero emission, electric vertical take-off and landing (eVTOL) electrically powered aircraft.
The Elroy Air Cargo is an unmanned cargo aircraft developed by American startup company Elroy Air, intended to replace land delivery trucks on inefficient routes with unmanned aircraft.
Beta Technologies, is a Burlington, Vermont-based aerospace manufacturer developing electric vertical take off and landing (eVTOL) and electric conventional take-off and landing (eCTOL) aircraft for the cargo, medical passenger, and military aviation industries. The company has also developed a network of chargers which can supply power to their aircraft and other electric vehicles. Training programs for future electric aircraft pilots and maintainers are also provided.
An electric vertical take-off and landing (eVTOL) aircraft is a variety of VTOL aircraft that uses electric power to hover, take off, and land vertically. This technology came about thanks to major advances in electric propulsion and the emerging need for new aerial vehicles for urban air mobility that can enable greener and quieter flights. Electric and hybrid propulsion systems (EHPS) have also the potential of lowering the operating costs of aircraft.
The Wisk Cora is an American autonomous personal air vehicle prototype previously developed by the Kitty Hawk Corporation, and subsequently by Wisk Aero.
Archer Aviation is a publicly traded company headquartered in San Jose, California, which is developing eVTOL aircraft.
Wisk Aero is an aerospace manufacturer based in Mountain View, California, United States. The company develops self-flying electric vertical take off and landing (eVTOL) aircraft designed to be operated as air taxis. The company was formed in 2019 as a partnership between Boeing and Google co-founder Larry Page's Kitty Hawk aircraft company.
JoeBen Bevirt is an American serial entrepreneur and the founder and CEO of Joby Aviation, a California-based aerospace company. He is the recipient of the 2018 Haueter Award and holds more than 160 U.S. patents in aerodynamics, aircraft design, electric and hydrogen propulsion.
Xwing is an autonomous aircraft company founded in 2016, initially focusing on cargo operations.
Advanced Air Mobility (AAM) is an air transport system.
↑ "Reinvent Technology Partners X". Amendment No. 1 to Form S-1 Registration Statement. US Securities and Exchange Commission. May 26, 2021. Retrieved July 16, 2021.
↑ "Reinvent & Joby Investment Memo". Filing for 425: Prospectuses and communications, business combinations. US Securities and Exchange Commission. July 8, 2021. Retrieved July 16, 2021.
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US$−392 million (2022)
