Wed, Dec 09, 2020
Also Welcomes New $75M Investment From Uber
Joby Aviation announced that Uber Technologies has agreed to invest a further $75 million in Joby as part of a broader transaction involving the acquisition of Uber Elevate by Joby and an expanded partnership between the two parent companies.
Under the terms of this week's deal, Joby Aviation will acquire Uber Elevate, while the two parent companies have agreed to integrate their respective services into each other's apps, enabling seamless integration between ground and air travel for future customers.
Established in 2016, Uber Elevate has played an important role in laying the groundwork for the aerial ridesharing market by bringing together regulators, civic leaders, real estate developers and technology companies around a shared vision for the future of air travel. Their software tools enabling market selection, demand simulation and multi-modal operations are at the center of their work, and form the basis of this future-focused deal.
JoeBen Bevirt, founder and CEO, Joby Aviation said that, "We were proud to partner with Uber Elevate last year and we're even prouder to be welcoming them into the Joby team today, while deepening our cooperation with Uber. The team at Uber Elevate has not only played an important role in our industry, they have also developed a remarkable set of software tools that build on more than a decade of experience enabling on-demand mobility. These tools and new team members will be invaluable to us as we accelerate our plans for commercial launch."
Joby will use the all-electric, VTOL aircraft it has spent the last decade developing. With a range of up to 150 miles and a top speed of 200 mph, the vehicle and the service has the potential to make a significant difference to the lives of travelers.
The financial terms of the acquisition were not disclosed. The transaction is expected to close in early Q1 2021, subject to regulatory review and customary closing conditions. Uber's new $75M investment brings its all-time total investment in Joby to $125 million and Joby Aviation's total funding, including previous rounds, to $820 million.
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