Start-up of electric vertical take-off and landing vehicles Joby Aviation has launched a public offering to sell up to $300 million of its common stock, according to a regulatory filing submit.
Joby was initially offered in October $200 millionbut an amendment to the prospectus increased the offering by $100 million.
Joby said it will use proceeds from the increase – along with existing cash – to fund its certification and manufacturing efforts, prepare for commercial launch in 2025 and for general working capital.
The eVTOL company added that it plans to give the underwriters a 30-day option to purchase an additional $30 million of common stock.
Joby plans to launch urban air taxis in New York City and Los Angeles next year with partners Delta Airlines and Uber, but also in Dubai and Abu Dhabi. The startup also has a $131 million contract with Department of Defense.
Before Joby can launch, it must complete its type certification process to ensure its aircraft design meets required safety and airworthiness standards.
The public offering comes this week from the Federal Aviation Administration cleared the way for eVTOLs to share U.S. airspace with helicopters and aircraft, and establish guidelines for eVTOL pilot training and operating rules. It also follows from this that A An injection of $500 million from Joby’s existing investor Toyota earlier this month.
According to the report, Joby has 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 Joby’s current contract amount with the Department of Defense and the total amount Joby hopes to raise with his offering.