JOBY AVIATION TO PROVIDE THE AIR FORCE WITH EVTOLS
What would you do if you had successfully sold ventures and were free to live on a beautiful ranch in California? If you’re JoeBen Bevirt, the answer is start an innovative aerospace company, because that’s exactly what he did. Since 2009, the company that is now called Joby Aviation has been pushing aerospace technology into the stratosphere. So much so that the company continues to garner interest from the U.S. Air Force (USAF). Related read: The Historic Curtiss JN-4 Jenny WWI Biplane Just Can't Stop Crashing These Days
Where Is Joby Aviation Located?
You can find Joby Aviation all over the world; however, the Joby Aviation headquarters is in Santa Cruz, California. But the aviation gurus have come a long way. Growth has seen Joby develop a manufacturing facility in Marina, CA while also having offices and sites in Santa Cruz, San Carlos, Washington, D.C., and Munich, Germany. Founded in 2009, Joby Aero started on the CEO and Founder JoeBen Bevirt's Santa Cruz Mountains ranch. During its early years, the company delved into various aspects of electric aviation, including electric motors, flight software, and lithium-ion batteries. This research led to participation in projects involving NASA and the development of their own air taxi concept. For its first decade, it was difficult to understand exactly where the company stood. However, in 2020, they began sharing more information, including a $590 million funding round led by Toyota. This unveiling showcased the company's production vehicle and marked a shift in Joby’s direction with a commitment to building eVTOLs. The U.S. Air Force would go on to grant Joby its first eVTOL airworthiness certification as part of the Agility Prime program. Since going public, the company has been moving on to greater heights. Joby has now successfully come out with its first production version of its aircraft, securing FAA approval for flight testing. Now, they have a contract with the U.S. Air Force to provide Joby Aviation air taxis for missions.
Who Owns Joby Aviation?
You’ll note that as a publicly traded company, Joby Aviation stock is owned by many. However, when you look at the company’s largest shareholders, you can gain a better perspective as to who has backed the aviation entity:
- Toyota Motor Corporation (11.35%)
- JoeBen Bevirt (8.980%)
- Paul Sciarra (8.694%)
- Capricorn Investment Group LLC (Private Equity) (5.903%)
- Joby Holdings (4.811%)
- The Vanguard Group, Inc. (4.105%)
- Reinvent Sponsor LLC (2.469%)
- Baillie Gifford & Co. (2.249%)
- Delta Air Lines, Inc. (1.592%)
- Geode Capital Management LLC (0.8287%)
There were rumors that Apple purchased the company back in 2022, but considering it was news released on April 1st, it’s safe to say that the information was a hoax. As of this writing, Toyota remains the largest outside shareholder of the aerospace company. Suggested read: The 100 Year History of Aerial Refueling
The USAF Wants eVTOLs for Everyday Tasks
There are several routine things that Airmen need to get done. It’s not all doing flips and dropping bombs. Sometimes, you just need to get airplane parts from one place to another or travel from one point of a base to another. These endeavors take significant effort. The Joby Aviation Air Taxi could be a viable solution now that testing is underway for such application at Edwards Air Force Base in California. As part of AFWERX, the USAF’s hub of innovation, the Agility Prime program began in 2020. Its purpose was to collaborate with electric vertical take-off and landing (eVTOL) aircraft development within the aerospace industry. Previously, the Air Force had primarily conducted controlled experiments with eVTOLs. However, those going to Edwards AFB will be used for transporting cargo and passengers once pilots are more comfortable with the aircraft's technology. Joby eVTOLs can carry up to 1,000 pounds of cargo or four passengers. Both remote and piloted operation are options. With only one charge, you can reach around 200 mph with a range of 100 miles. Remote piloting will be the first usage within the early months of the program. Several applications are being looked at for the future, which includes maintenance on the base involving dangerous, remote locations. But there are also applications for missions under consideration, including extraction and providing supplies. NASA will also be part of the collaborations and experiments involving Joby Aviation and the USAF.
How to Buy Joby Aviation Stock
Joby Aviation news continues to excite and entice potential investors. If you’re interested in purchasing, you should talk to a licensed financial advisor to determine your options. However, there are several brokerage platforms that give you the freedom to do so yourself. The rumors about Joby Aviation having interest from major corporations and the U.S. military is true, but you should still conduct your own due diligence before investing. It’s also important to always manage your risks when making investments. On a final note, investing in Joby is not endorsed by VeteranLife. We just love the military community. Read next: The Dream Chaser Spacecraft Is Just as Cool as It Sounds
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