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Electric vertical take-off and landing startup Joby Aviation has launched a public offering to sell up to $200 million of its common stock, subject to regulatory requirements. Deposit.
Joby said it will use proceeds from the raise – along with its existing funds – to fund certification and manufacturing efforts, prepare for commercial launch in 2025, and for general working capital.
eVTOL added that it intends to grant the underwriters a 30-day option to purchase an additional $30 million worth of its common stock.
Joby plans to launch air taxis for urban transportation next year in New York City and Los Angeles in cooperation with its partners Delta Air Lines and Uber, as well as in Dubai and Abu Dhabi. The startup also has a $55 million contract with the Department of Defense.
Before Joby can launch, it will need to complete its type certification process to ensure its aircraft design meets the required safety and airworthiness standards.
The public offering comes as the Federal Aviation Administration this week cleared the way for eVTOL aircraft to share US airspace with helicopters and airplanes, establishing guidelines for eVTOL pilot training and operating rules. This also comes after a $500 million injection from Toyota, Joby’s current investor, earlier this month.
Joby has raised $2.6 billion to date, according to Beachbook data.
Jobe did not immediately respond to a request for comment.
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