JetBlue Technology Ventures (JTV), the corporate venture capital subsidiary of JetBlue Airways, has announced that its portfolio company Joby Aviation (Joby) has completed 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.
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 will travel at speeds up to 200 miles per hour, will fly 150 miles on a single charge, and will be significantly quieter than existing rotorcraft or small planes during take-off and landing.
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.