JetBlue Technology Ventures’ Portfolio Company Joby Aviation to List on NYSE Through Merger with Reinvent Technology Partners
25 February 2021 - 1:47AM
Business Wire
Joby Aviation Further Demonstrates JetBlue
Technology Ventures’ Commitment to Invest in Emerging Sustainable
Technologies
JetBlue Technology Ventures (JTV), the
corporate venture capital subsidiary of JetBlue Airways
(NASDAQ:JBLU), today congratulates its portfolio company Joby
Aviation (Joby) on the announcement of its merger with special
purpose acquisition company Reinvent Technology Partners
(Reinvent). Once finalized, the combined company will be named Joby
Aviation, and its common stock is expected to be listed on the New
York Stock Exchange for public trade.
Joby is building a fully-electric vertical take-off and landing
(eVTOL) passenger aircraft that it intends to operate for
commercial use in the U.S. beginning in 2024. The piloted,
four-passenger aircraft is faster than existing rotorcraft, flies
150 miles on a single charge, and will be 100 times quieter than
existing rotorcraft or small planes during takeoff and landing.
“At JetBlue Technology Ventures, we are excited about the
transformative potential of eVTOLs and have always believed that
Joby Aviation is the most advanced company in this emerging sector.
This next step in Joby’s journey will ultimately deliver
sustainable transportation that is safe and affordable for
everyone,” said Amy Burr, Managing Director of Operations &
Partnerships at JTV.
JTV’s initial 2017 strategic investment in Joby aligns with its
commitment to identifying transportation solutions powered by
alternative propulsion systems.
“As with all of our investments, JetBlue Technology Ventures’
goal is to better position JetBlue with startup-led innovation that
could radically change the travel industry. Travelers today are
more conscious of their carbon footprint than ever before, so the
reduction of pollution that comes with electrification is highly
appealing,” said Raj Singh, Managing Director of Investments at
JTV.
“The regional transportation ecosystem is ripe for disruption,
and startups like Joby Aviation will revolutionize how people move
across urban areas. Joby’s vehicle platform will be the standard to
beat. Nearly four years ago, we saw that Joby already was the
emerging leader in the eVTOL space, and today’s developments
validate our early investment,” said JTV founder Bonny Simi.
The announcement follows Joby’s recent successes in 2020,
including becoming the first company to receive an eVTOL
certification basis plan with the Federal Aviation Administration
and receiving the U.S. Air Force’s first ever airworthiness
approval for an eVTOL aircraft.
Additional information about the proposed transaction will be
provided in a Current Report on Form 8-K to be filed by Reinvent
today with the Securities and Exchange Commission and available at
www.sec.gov.
About JetBlue Technology Ventures
JetBlue Technology Ventures invests in and partners with early
stage startups innovating in the travel, transportation, and
hospitality industries. The company prioritizes investments that
advance the seamless customer-centric journey; technology powered
customer service; the future of operations and maintenance;
distribution, loyalty, and revenue management; and evolving
regional travel. Founded in 2016, JetBlue Technology Ventures is a
wholly-owned subsidiary of JetBlue (NASDAQ: JBLU) and is located in
Silicon Valley, California. For more information, visit
www.JetBlueVentures.com.
About Joby Aviation
Joby Aviation is a California headquartered transportation
company developing an all-electric vertical takeoff and landing
aircraft which it intends to operate as a fast, quiet, and
affordable air taxi service beginning in 2024. The zero emissions
aircraft, which is quiet at takeoff and near silent when flying
overhead, can transport four passengers and a pilot up to 150 miles
on a single charge and can cruise at 200 mph. It is designed to
help reduce urban congestion and accelerate the shift to
sustainable modes of transit. Founded in 2009, Joby employs more
than 700 people, with offices in Santa Cruz, San Carlos, and
Marina, California, as well as Washington D.C. and Munich, Germany.
To learn more, visit www.jobyaviation.com.
About Reinvent Technology Partners
Reinvent Technology Partners is a newly formed special purpose
acquisition company led by Reid Hoffman, Mark Pincus and Michael
Thompson, that takes a “venture capital at scale” approach to
partnering with bold leaders and companies. RTP will support a
technology business to innovate and achieve entrepreneurship at
scale by leveraging its team’s operating expertise as founders of
iconic technology companies, their experience building companies as
advisors and board members, and the capital raised in its initial
public offering.
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Media Contact: JetBlue Technology Ventures Sarah Mattina
sarah@jetblueventures.com
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