The companies said the investment will be made in two equal tranches in the form of cash for common stock. The first amount is expected to close later this year and the second in 2025.
Joby, which was founded in 2009 by JoeBen Bevirt, has been working for more than a decade to develop, certify and produce an eVTOL aircraft that will be used as a commercial taxi service in cities. Joby has become more visible in the past five years as it made progress on its eVTOL development and made high-profile financial moves.