Electric air taxi developer Joby Aviation has received a $180 million investment from one of its long-term backers, Baillie Gifford. The British investment management firm, which is also a major backer of Tesla and Amazon, has agreed to purchase 43,985,681 newly issued shares of Joby’s common stock at a public offering price of $4.10 per share, Joby announced Wednesday before releasing its first quarterly financial report of the year.
The news of Baillie Gifford’s equity investment came just days after Joby announced that it had won a $55 million contract extension with the U.S. Air Force’s Agility Prime program. As part of that extension, Joby has agreed to deliver up to nine of its five-seat eVTOL air taxis to Air Force bases, where the company will conduct its first revenue-generating operations. In a conference call with investors on Wednesday, Joby executive chairman Paul Sciarra explained that the Department of Defense (DoD) will pay Joby an activation fee for the delivery of each aircraft, plus an annual lease fee and an additional amount per flight hour.
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