- $9.8m grant will support expansion of manufacturing footprint
in Marina, CA
- State funding will support creation of 690 new roles
statewide
- Enables an acceleration of early manufacturing to support
initial commercial operations, targeted for 2025
Joby Aviation, Inc. (NYSE:JOBY), a company developing electric
vertical take-off and landing (eVTOL) aircraft for commercial
passenger service, today announced it has been awarded a $9.8
million California Competes grant by the Governor’s Office of
Business and Economic Development (GO-Biz) to support the Company’s
continued statewide expansion.
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Two Joby aircraft at the company’s
manufacturing and flight testing facilities in Marina, California.
Joby Aviation Photo
The $9.8 million grant will assist in financing a significant
expansion of Joby’s facilities in Marina, California — supporting
higher manufacturing volumes and initial training for pilots and
aircraft maintainers — as well as continued hiring at the Company’s
other offices located in San Carlos and Santa Cruz, California. As
part of the agreement, Joby has committed to invest $41.3 million
and create 690 additional full-time jobs in the state by 2027.
The CalCompetes grant enables Joby to accelerate early
manufacturing in California to support the Company’s ongoing type
certification program with the Federal Aviation Administration as
well as for initial commercial operations, expected to begin in
2025.
“We’re honored to receive a prestigious CalCompetes grant from
our home state of California to support pilot training and the
growth of our manufacturing facilities in advance of early
operations. Joby was founded in 2009, today employs more than 1,250
people across the state, and we’re thrilled to be able to keep
growing in California as we deliver revolutionary emissions-free
flight,” said JoeBen Bevirt, Founder and CEO of Joby.
The grant will also help expand Joby’s existing apprenticeship
program, which offers new career opportunities for Salinas Valley
residents, starting with paid on-the-job training at Joby’s Marina
manufacturing facility. Originally established in partnership with
the Monterey Bay Drone, Automation and Robotics Technology (DART)
Initiative with funding from the James Irvine Foundation, Joby has
hired more than 30 composite fabrication, aircraft assembly, and
equipment maintenance technicians through the program to date.
California Senator Anna Caballero commented, “This grant to Joby
for their planned manufacturing expansion in Marina, California
affirms California’s commitment to build the future of advanced air
mobility through a partnership with government, community, and
industry, which I like to describe as the Marina Way. The Marina
Way can be a model for how we solve climate, housing, and
transportation challenges. The passage of my legislation, SB800,
will lay out the regulatory framework for Advanced Air Mobility. I
am glad to see that Advanced Air Mobility will take flight by
2025.”
Bruce Delgado, Mayor of Marina, stated, “Marina is excited that,
with this CalCompetes grant, Joby will be able to expand their
production capabilities at our Marina Municipal Airport, creating
hundreds of new, local jobs. The funding will also support Joby in
expanding their research and development hub here in Marina and
continue their success as a leader in the eVTOL industry.”
Maria Elena Manzo, Project Director of Mujeres en Acción,
commented, “We are the solutions to each other's problems. Joby has
high-road jobs and we have an eager, able and hardworking community
ready to contribute to, and benefit from, Joby's success. This is a
real partnership, a model of inclusive economic development done
with the community, not for the community. We are learning together
and ready to do more.”
While Joby plans to manufacture aircraft in support of initial
operations from its California-based facilities, the Company
announced in September it will locate its first scaled
manufacturing plant in Dayton, Ohio, the birthplace of aviation.
Joby plans to build a facility in Dayton capable of delivering up
to 500 aircraft per year, supporting up to 2,000 clean
manufacturing jobs.
Earlier this month, Joby performed its first exhibition flights
outside of California, becoming the first company to fly an
electric air taxi in New York City, as part of an event held by the
city’s leadership announcing their intent to electrify the iconic
Downtown Manhattan Heliport to enable clean, quiet air travel.
Joby currently has more than 160 open positions in California.
Interested candidates can find more information and submit an
application on the Company’s Careers page.
About Joby
Joby Aviation, Inc. (NYSE:JOBY) is a California-based
transportation company developing an all-electric, vertical
take-off and landing air taxi which it intends to operate as part
of a fast, quiet, and convenient service in cities around the
world. To learn more, visit www.jobyaviation.com.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding the development and performance of our
aircraft, the growth of our manufacturing capabilities, including
the size, capacity, potential production volumes, planned
investments, staffing levels and timing of our planned
manufacturing facility in Dayton, Ohio and our ongoing plans for
our facilities in California; our regulatory outlook, progress and
timing, including our expectation to start commercial passenger
service in 2025 and the expected timing of type certification; our
business plan, objectives, goals and market opportunity; plans for,
and potential benefits of, our strategic partnerships; and our
current expectations relating to our business, financial condition,
results of operations, prospects, capital needs and growth of our
operations. You can identify forward-looking statements by the fact
that they do not relate strictly to historical or current facts.
These statements may include words such as “anticipate”,
“estimate”, “expect”, “project”, “plan”, “intend”, “believe”,
“may”, “will”, “should”, “can have”, “likely” and other words and
terms of similar meaning in connection with any discussion of the
timing or nature of future operating or financial performance or
other events. All forward looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially, including: our ability to launch our aerial ridesharing
service and the growth of the urban air mobility market generally;
our ability to produce aircraft that meet our performance
expectations in the volumes and on the timelines that we project,
and our ability to launch our service; the competitive environment
in which we operate; our future capital needs; formal approval of
state and local incentives, permitting and other legal and
regulatory matters related to our planned manufacturing site in
Dayton, Ohio and expansion of our existing manufacturing site in
Marina, California; our ability to adequately protect and enforce
our intellectual property rights; our ability to effectively
respond to evolving regulations and standards relating to our
aircraft; our reliance on third-party suppliers and service
partners; uncertainties related to our estimates of the size of the
market for our service and future revenue opportunities; and other
important factors discussed in the section titled “Risk Factors” in
our Annual Report on Form 10-K, filed with the Securities and
Exchange Commission (the “SEC”) on March 1, 2023, and in future
filings and other reports we file with or furnish to the SEC. Any
such forward-looking statements represent management’s estimates
and beliefs as of the date of this presentation. While we may elect
to update such forward-looking statements at some point in the
future, we disclaim any obligation to do so, even if subsequent
events cause our views to change.
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Joby Aviation Investors: investors@jobyaviation.com
Media: press@jobyaviation.com
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