As technology continues to advance, the most common means of transportation continue to evolve. Joby Aviation is one “green technology” startup that’s on the cusp of potentially transforming the way that people get around.
For the past decade, Joby Aviation has been developing aircraft that are fully electric and have vertical take-off and landing capabilities. It aims to start operations for commercial passenger use by 2024. The air taxi company has plans to go public on the NYSE through a merger with a SPAC.
What Joby Aviation offers
Founded in 2005 by JoeBen Bevirt, Joby Aviation has created electric vehicle technologies to help people travel safely and efficiently, while protecting the environment at the same time. Its electric, vertical take-off and landing (eVTOL) aircraft carry four passengers and a pilot.
Joby’s air taxis will have a 150-plus-mile range, can reach speeds up to 200 mph, and operate with zero emissions. The company's aircraft aligns with many environmental groups’ concerns and President Biden’s goal of a zero-emission economy by 2050.
Some potential competitors for Joby Aviation in the market will be Volocopter and Lilium, which are two German startups, according to Reuters.
Joby Aviation and RTP SPAC merger
In February 2021, Joby Aviation announced its definitive agreement with blank-check company Reinvent Technology Partners. The co-lead directors of RTP are Reid Hoffman (LinkedIn co-founder) and Mark Pincus (Zynga founder). The SPAC’s chief executive is Michael Thompson.
Hoffman stated in an interview that RTP did plenty of research. “I think of Joby as Tesla meets Uber in the air,” according to Reuters. The transaction is expected to fund Joby’s aircraft certification, manufacturing facility development, and bring the company through its beginning of commercial operations.
According to TechCrunch, the SPAC merger deal imposes a five-year lockup on all major shareholders, including those on the SPAC side, to “ensure significant long-term alignment.” The deal gives Joby Aviation a pro forma implied valuation of $6.6 billion.
When is Joby Aviation going public?
The big question is, when will the merger between RTP and Joby Aviation take place? The news broke in February, but an official listing date for the combined company hasn't been publicized. Joby’s press release about the merger stated that it should be completed by the end of the second quarter of 2021.
Joby Aviation stock symbol
The SPAC merging with Joby Aviation, Reinvent Technology Partners, already trades publicly on the NYSE. Its current symbol, RTP, will likely switch to something representing Joby Aviation more directly.
How to buy Reinvent Technology Partners (RTP) and Joby Aviation stock
Buying stock in Reinvent Technology Partners is a simple and straightforward process since it’s already a publicly traded company on the NYSE. Retail investors can get involved at any time before the merger with Joby Aviation goes through. They can purchase shares through their typical brokerage.
After the SPAC merger has been completed, investors will need to verify the new ticker symbol for Joby Aviation and buy through their preferred broker.