“Aviation connects the world in critically important ways but today it does that at the expense of our planet,” said Joby founder and CEO JoeBen Bevirt. “By taking Joby public we have the opportunity “By taking Joby public we have the opportunity to drive a renaissance in aviation, making emissions-free flight a part of everyday life.”
I get a kick out of Bevirt’s comment “By taking Joby public we have the opportunity to drive a renaissance in aviation, making emissions-free flight a part of everyday life.” Of course, they will not take the opportunity to drive a renaissance in aviation on their own with their money. The renaissance in aviation is the availability and use of OPM…other people’s money. When that is used up, renaissance over. With the track record of many other formerly aviation companies that failed to gather American investment backers, I expect all of this progress thus far ( whatever it really is) to end up elsewhere off shore.
“California-based aircraft urban air mobility (UAM) developer Joby Aviation officially went public following the completion of a business combination with special purpose acquisition company Reinvent Technology Partners (RTP) on Tuesday.” This makes perfect sense to have already completed a relationship with a “special acquisition company” whose terms are now called a “business combination” to further muddy the investment waters just prior to going public. Who actually owns Joby prior to going public? And where is the OPM’s money going to? Joby or Reinvent Technology Partners?
To me, all this means Joby is out of their own funds and now have positioned their hand out, playing the “green” card solicitating for OPM. Seems to me, if you have 1,000 flights under your belt, looking for OPM, they would have flown to and landed their vTOL in front of Wall Street rather than delivered by a via a fossil fueled truck. That would been a practical demonstration of their product and gotten the attention for a lot of potential OPM. Of course, that would demand a public displayed flight in an urban environment, within FAA regulations that still do not exist.
I really would like to see somebody succeed in this electrified aviation world. But doing the same thing over and over again that so many others have done and so far failed…yet expecting a different outcome… is insane. But that kind of business insanity seems to be the norm when it comes to aviation investment no matter if its electric or dinosaur powered. I guess I will have to wait and see what the Chinese do with Joby when that time comes. Already, it looks inevitable.