Joby launches $300M public offering ahead of 2025 commercial eVTOL launch

Activation of the electric vertical take-off and landing vehicle Joby Aviation has launched a public offering to sell up to $300 million of its common stock, according to regulatory authorities. giving.

In October, Joby first proposed 200 million dollarshowever, an amendment to the prospectus raised the offer by $100 million.

Joby said it will use the proceeds from the raise — along with existing cash — to fund certification and manufacturing efforts, prepare for a commercial launch in 2025 and for general working capital.

The eVTOL firm added that it intends to grant the underwriters a 30-day option to purchase an additional $30 million worth of shares of its common stock.

Joby plans to launch air taxis for urban transportation with partners in New York and Los Angeles next year. Delta Airlines and Uber, also in Dubai and Abu Dhabi. There is also in the beginning A $131 million contract with the Department of Defense.

Before starting work, Joby must complete the type certification process to ensure that its aircraft design meets the required safety and airworthiness standards.

The public offering is being launched this week by the Federal Aviation Administration cleared the way eVTOLs sharing US airspace with helicopters and airplanes and establishing guidelines for eVTOL pilot training and operational regulations. He is also a $500 million injection Joby’s existing investor Toyota earlier this month.

Joby has reportedly raised $2.6 billion to date PitchBook data.

A spokesperson for Joby told TechCrunch that the company could not comment on the increase.

This article has been updated to reflect Jobin’s current contract amount with the DoD and the total amount that Joby hopes to raise from his bid.