JetBlue Technology Ventures (JTV), the corporate venture capital subsidiary of JetBlue Airways (NASDAQ:JBLU), today congratulates its portfolio company Joby Aviation, Inc. (Joby) on the completion of its merger with Reinvent Technology Partners (Reinvent), a special purpose acquisition company. The combined company is now listed on the New York Stock Exchange (NYSE) for public trading under the ticker symbols “JOBY” and “JOBY WS,” respectively.
“We’re incredibly proud of the Joby team for all of the hard work that led to this moment and look forward to following their success for years to come. Joby’s product will transform the way that people move about urban environments every day, and also solve rising traffic congestion and vehicle pollution within connected cities,” said Amy Burr, president of JetBlue Technology Ventures.
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 travels at speeds up to 200 miles per hour, flies 150 miles on a single charge, and will be significantly quieter than existing rotorcraft or small planes during takeoff and landing.
“Aviation connects the world in critically important ways, but today it does that at the expense of our planet. By taking Joby public we have the opportunity to drive a renaissance in aviation, making emissions-free flight a part of everyday life. This is our generation’s moonshot moment, and at Joby we’re proud to be leaning in,” said JoeBen Bevirt, founder and CEO at Joby.
JTV’s initial 2017 strategic investment in Joby aligns with its commitment to identify and invest in sustainable travel technology. In doing so, the subsidiary also aids JetBlue’s mission to become a sustainability leader. This announcement follows recent news that JetBlue is working in conjunction with Joby and Signature Aviation to ensure that the carbon markets for aviation include the generation of credits for flights powered by green electric and hydrogen propulsion technologies.
JTV continues to support Joby’s success via follow-on investments and assistance to help grow the company. JTV’s founder Bonny Simi joined Joby in December 2020 to serve as Joby’s Head of Air Operations and People to continue to guide the strategic direction of the company.
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