Joby Aviation, a California-based transportation company developing an all-electric, vertical take-off and landing passenger (eVTOL) aircraft, has announced it’s acquiring Uber Elevate from Uber Technologies, Inc (NYSE: UBER).
Uber has also agreed to invest a further $75 million in Joby and expand the partnership between the two parent companies. This investment comes in addition to a previously undisclosed $50 million investment made as part of Joby’s Series C financing round in January 2020.
Toyota Motor Corporation is also an investor.
Joby intends to operate its eVTOL passenger aircraft as early as 2023.
JoeBen Bevirt, founder and CEO, Joby Aviation, says: “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.”
Dara Khosrowshahi, CEO, Uber, adds: “Advanced air mobility has the potential to be exponentially positive for the environment and future generations. This deal allows us to deepen our partnership with Joby, the clear leader in this field, to accelerate the path to market for these technologies. We’re excited for their transformational mobility solution to become available to the millions of customers who rely on our platform.”
Founded in 2009, Joby has raised $820 million in investment and employs more than 500 people. Joby has offices in Santa Cruz, San Carlos and Marina, California, as well as Washington D.C. and Munich, Germany.
Keyword: Toyota-Backed Joby Aviation Acquires Uber Elevate