Joby Aviation | August 06, 2021
Reinvent Technology Partners, a special purpose acquisition company that takes a “venture capital at scale” approach to partnering with bold leaders and companies, announced that at its Extraordinary General Meeting of Shareholders held today, RTP shareholders voted to approve and adopt the previously announced business combination agreement with Joby Aviation, Inc. a transportation company developing an all-electric, vertical take-off and landing aircraft that it intends to operate as a commercial passenger aircraft beginning in 2024.
The formal results of the vote will be included in a Current Report on Form 8-K to be filed by RTP with the Securities and Exchange Commission.
The business combination is expected to close on August 10, 2021, subject to the satisfaction or waiver of customary closing conditions. Upon the closing of the business combination, RTP will change its name to Joby Aviation, Inc. and shares and warrants of Joby Aviation, Inc. are expected to trade on the New York Stock Exchange under the ticker symbol “JOBY” and “JOBY WS,” respectively.
This transaction values Joby at $4.5 billion enterprise value. The proceeds being raised in this transaction plus cash on the balance sheet as of March 31, 2021, equals approximately $1.6 billion.
Commenting on the successful outcome of the vote, JoeBen Bevirt, Founder and CEO of Joby, said: “We’re honored that the shareholders of RTP have chosen to overwhelmingly support this transaction. These additional funds ensure that Joby continues to be the best funded company in this sector and, more importantly, we believe they deliver the required funding to execute on our plan. We now look forward to taking the next step on our journey toward making zero-emissions aerial ridesharing a reality and reinforcing Joby’s position as the leader in this new field.”
About Joby Aviation
Joby Aero, Inc. is a California-headquartered transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a range of 150 miles on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph. It is designed to enable a revolutionary new way for people to move in and around cities as an alternative to congested ground transportation while accelerating the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 800 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington D.C. and Munich, Germany.
About Reinvent Technology Partners
Reinvent Technology Partners is a newly formed special purpose acquisition company led by Reid Hoffman, Mark Pincus and Michael Thompson, that takes a “venture capital at scale” approach to partnering with bold leaders and companies. RTP will support a technology business to innovate and achieve entrepreneurship at scale by leveraging its team’s operating expertise as founders of iconic technology companies, their experience building companies as advisors and board members, and the capital raised in its initial public offering.
KLM | November 04, 2020
KLM announced that, following a signature from the Dutch Airline Pilots Association, it had reached an agreement with all the trade unions over employment conditions until 2025. This should fulfill the government’s requirements for its frozen bailout package. With the Dutch authority’s new advice against all international travel lasting until January, the funds are needed now more than ever.
FORWARDERS AND LOGISTICS
Internet Travel Solutions, LLC (ITS) | November 18, 2021
ITS is excited to announce a leading Carbon Emissions tracking feature that impacts demand generation, reporting and budgeting for companies. Developed in-house, ITS will provide this tool as a high performance, API service for any industry specialist, NGO, reporting provider, or corporate booking technology provider.
ITS provides a per person calculation of Carbon Emissions by flight, displayed and compared to the average for that destination. This real time calculation considers several key and impactful contributors, such as aircraft type, flight time, peak travel times, travel seasonality, origin and destination. These inputs leverage data and carbon emissions tracking methodologies documented by the European Emissions Agency (EEA). ITS adds industry-based knowledge and experience to provide an additional layer of comfort to corporate clients. Features like filters, sorting, and policy will all have a direct impact on which flights shoppers will identify and ultimately choose.
The feature will first be rolled out on TripEasy not only per flight, but per Next Generation Storefront (NGS) cabin or shelf. The combination of a crisp, visual display with the ability to assess each branded fare and cabin allows users to compare a complete set of options in the market enabling business travelers to choose the best flight for their preference should now a required feature every company should put on their next RFP list.
ITS offers new reporting and budgeting tools for businesses to not only track estimated corporate emissions and add budgeting parameters and compare flights selected vs the lowest carbon producing flights in the market. They can use ITS insights to calculate their carbon footprint and provide a direct option to take action on lowering their footprint. ITS will give insight into how much additional CO2 could have been avoided and the cost differential for the lower emissions flights. Travelers will be presented with options and companies will be provided tools to make a difference.
When ITS started to assess the market to find an algorithm or service to determine emissions, we discovered that the industry lacks a true leader in providing thorough emissions content. The options in the market were either too expensive, too broad, or didn't address the issue of flights as full NGS, branded alternates. As a result, we decided to share our custom Amazon Web Services (AWS) emissions content APIs with the industry. By collaborating with AWS, ITS is able to incorporate the latest cloud technology to enable the performance we need for our own products and to provide a scalable solution to new clients who are seeking more accurate and leading emissions content services. Specifically, ITS utilizes Lamdas to help scale, DynamoDB for easy configuration and variable modification and more AWS tools to push the industry closer to a new standard.
"AWS works closely with our customers to accelerate mutually shared sustainability goals. Companies like ITS work with AWS to drive digital innovation, and build business applications that can help companies implement more sustainable practices, including the ability use carbon emissions data to make buying decisions. Through the scalability and flexibility of the cloud, ITS is able to respond to changes in travel and innovate and respond to the market and customers quickly. We look forward to helping them deliver an enhanced travel experience for businesses and travelers alike."
- Mike Eastman, Director Americas Inside Sales.
Internet Travel Solutions, LLC (ITS) develops and maintains technology for the consumer, corporate, convention, private aviation, cargo, charter, passenger airline, crew hotel accommodation, hotel aggregation and hotel event meeting sectors. Our solutions, products and services solve problems, create savings and provide long-term value. In addition, several companies have customized and private branded solutions around ITS' IROP, Crew, Corporate Direct, Event, and Candidate technology services.