BUSINESS AVIATION

Reinvent Technology Partners Announces Shareholder Approval of Proposed Business Combination with Joby Aviation

Joby Aviation | August 06, 2021

Reinvent Technology Partners Announces Shareholder Approval of Proposed Business Combination with Joby Aviation
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.

Spotlight

Sikorsky recently announced its Entry into Service program for the S-76DTM line of aircraft at the 2014 Helicopter Association International Heli-Expo show in Anaheim, Calif. The S-76D Entry into Service program includes customer training, service, support and focused customer communication, as well as the tracking of customer fleet analytics. “The S-76D aircraft is Sikorsky’s first new commercial product launch since 2004,” said Leon Silva, director, S-76® programs. “We’re excited about this aircraft, and also the robust customer experience designed to go along with the delivery of each one.”


Other News
COMMERCIAL AVIATION

Atlas Air Worldwide Purchases Four Boeing 777 Freighters

Boeing | January 07, 2022

Boeing [NYSE: BA] and Atlas Air Worldwide today announced an order for four 777 Freighters. The order, placed in December, rounds out a record-setting 2021 for Boeing's freighter family including new-production and converted models. Boeing has forecast that the global freighter fleet will grow by 70% in the next 20 years, with freight carriers such as Atlas Air supporting a rapidly expanding global e-commerce business and evolving supply chains. "We are excited to expand our fleet and service offerings for our existing and prospective customers with these four new 777s. With the best team in the industry as well as our focus on innovation and prudent fleet management, Atlas is serving the evolving needs of the global supply chain and delivering value for our customers," - John W. Dietrich, Atlas Air Worldwide president and CEO. Boeing's market-leading 777 Freighter is the world's largest, longest-range and most capable twin-engine freighter, with the lowest trip cost and highest reliability of any large freighter. With a range of 4,970 nmi (9,200km), the 777 Freighter can carry a maximum revenue payload of 102 tonnes (224,900 lb), while reducing fuel use and CO2 emissions compared to prior airplanes. This capability and exceptional efficiency translate into significant savings for cargo operators, with fewer stops and associated landing fees. "We are honored that Atlas Air Worldwide, as a global leader in airfreight, has once again selected to grow with Boeing and our freighter family. These new 777 Freighters provide Atlas with more capacity, fuel efficiency and operational flexibility for its customers, As air cargo demand continues to grow, we're confident that the efficiency, capability and flexibility of our freighter family will meet customer needs now and in the future." -Ihssane Mounir, Boeing senior vice president of Commercial Sales and Marketing. Through November, Boeing had surpassed the previous freighter record including 80 orders for new production freighters and more than 80 orders for converted models. The company will announce full-year 2021 orders and deliveries on January 11. Atlas Air currently has 14 777s and is the world's largest operator of 747 Freighters, with 49 in its fleet. These two models, in particular, are designed to partner seamlessly, enabling operators to transfer tall and outsized cargo loads easily between the two on 3-meter (10-foot) tall pallets. The cargo and passenger carrier also operates a fleet of 767 and 737 airplanes. As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability and community impact. Boeing's diverse team is committed to innovating for the future and living the company's core values of safety, quality and integrity.

Read More

COMMERCIAL AVIATION

Qantas Returns To Rome After An 18 Year Absence

Simple Flying | December 15, 2021

Qantas is returning to Rome with a seasonal service to run from June 2022 through to October. The three times a week flights will see the Australian airline return to Italy after an 18-year absence. The flights will also mark Qantas’ return to continental Europe. From June 22, 2022, QF5 will push back from Sydney at 17:55 every Monday, Wednesday, and Saturday for the four-hour and 55-minute hop over to Perth. After a 90 minute stopover, the flight leaves Perth at 22:20 for the longer sector up to Rome, landing there at 08:45 the following day after 16 and a half hours in the air. The return flight, QF6, departs Rome’s Fiumicino International Airport at 10:50 every Tuesday, Thursday, and Sunday. The 15 hour and 45 minute flight lands in Perth at 08:35 the following day. After 90 minutes on the ground, QF6 takes off for Sydney at 10:05, landing there four hours later at 16:05. Qantas will deploy its long-haul workhorse, the Boeing 787-9, on the route. The aircraft carries 236 passengers including 166 passengers in economy class, 28 passengers in premium economy, and 42 passengers in business class. Qantas rekindles its links with Italy Qantas has a history with Rome, flying there continuously between 1948 and 2003. The cessation of flights to Rome broadly coincided with Qantas ending flights to several European destinations. Alitalia also once flew between Australia and Italy but ended regular flights in 1998. Since then, travelers flying between Australia and Italy have had to connect in cities like Singapore or Dubai. This is despite significant numbers of travelers flying between the two countries. “Italy is the largest market for us in continental Europe for people visiting family and friends from Australia, the Rome flights will also give passengers another option for reaching onward destinations across the Mediterranean and southern Europe through Qantas’ network of partners." -Qantas CEO Alan Joyce on Wednesday. The Rome flights will complement Qantas’ Melbourne – Perth – London flights. These flights are slated to be running twice a day by mid-2022. It is also a win for Perth Airport after temporarily losing its stopover status to Darwin over the southern summer flying season. However, by mid-2022, Perth Airport will once again become the only Australian city offering nonstop flights to both the United Kingdom and continental Europe. Perth Airport back on the radar International numbers have fallen by 97% at Perth Airport since the onset of COVID-19. Earlier this week, the airport’s Chief Executive Officer Kevin Brown was relatively downbeat when he spoke to The Australian Financial Review about the prospects of international airline activity significantly picking up there in the short to medium term. His comments to the newspaper also suggested he wasn’t expecting any new international routes anytime soon. That might have been a canny throw off or it might have been the truth. Either way, Wednesday morning’s announcement from Qantas is helping put Perth back on the map.

Read More

COMMERCIAL AVIATION

United CEO: 100 Planes Are Parked Amid Regional Pilot Shortage

Simple Flying | December 16, 2021

Major US airline executives faced questioning from the Senate Commerce, Science, and Transportation Committee on Wednesday. One of the topics that came up were recent cuts to some regional routes, including some market exits. Several others offered their input. However, it was United’s CEO, Scott Kirby, who had the most to say. According to his testimony, nearly 100 regional aircraft are parked at United due to the ongoing pilot shortage. United has regional jets parked over pilot shortage “We have almost 100 airplanes effectively grounded right now – regional aircraft, because there’s not enough pilots to fly them, which means we just can’t, at the moment, fly to all the small communities that we would like to.” -United’s CEO, Scott Kirby United Airlines made headlines just a few months ago when it pulled service to a handful of destinations, mainly those receiving regional services, due to these pilot shortages. With so much appetite from large mainline carriers for pilots and continued growth in the low-cost sphere, there are not enough pilots to meet demand. In addition, training pilots is no easy task, and the cost to enter the industry has been highlighted as a barrier to training pilots. United’s CEO emphasized the different ways United was looking at alleviating the problem. One of them is the United Aviate Academy, which only recently saw its first class of students start their education on the way to becoming a pilot. United has also made a considerable push at various levels to get people to become pilots, including sending a Boeing 737 MAX 8 aircraft to Oshkosh, Wisconsin, to highlight the Aviate program and the various pathways for entering United as a pilot. “Service to small communities is incredibly important to American Airlines. We serve some 230 cities in the United States. Obviously, a number of those are smaller communities…and we would like to serve more, frankly, over time.” -CEO of American Airlines, Doug Parker American Airlines highlights that part of its sizable brand and presence is focused on connecting the small- and medium-sized cities to the rest of the world. American has traditionally used regional jets to expand its domestic network to new cities. Regional pilots are a vital part of the industry While flying a CRJ or an Embraer regional jet might not be the flashiest job in the aviation world, it is one of the most important for airlines. Regional jets are part of an extensive feed network that airlines build up as a method of supporting its hubs and moving vital cargo around the country and the world. Moreover, regional pilots are a pipeline to mainline service. Outside of hiring from the military, private, or cargo world, US airlines often recruit from the regional carriers. However, the demand up from regionals to mainline carriers is outpacing the number of pilots that regional airlines are hiring. This is due to various issues, including a lack of more widespread funding to help send people to training.

Read More

BUSINESS AVIATION

AerAdvise Adds Additional Aircraft Types to Part-CAMO Approval and Receives Airworthiness Review Privileges

AerAdvise | December 22, 2021

AerAdvise are pleased to announce they have extended the part-CAMO Terms of Approval to include the following aircraft types; B737 MAX, A319/A320/A321 NEO, A330, A350, B787, ATR 42, ATR 72, E190, E195 and Bombardier Q400. These approvals are in addition to the existing approvals for B737 NG and A318/A319/A320/A321. The AerAdvise CAMO approval now includes the authorisation to perform Airworthiness Reviews on each of these aircraft types. "We would like to thank all who were involved in getting these approvals. The additional capabilities will be a useful addition to our portfolio of services for all our existing and future customers." -AerAdvise CAMO team Subsequent to receiving the approval, AerAdvise completed its first Airworthiness Review Certificate recommendation for Emerald Airlines in December.

Read More

Spotlight

Sikorsky recently announced its Entry into Service program for the S-76DTM line of aircraft at the 2014 Helicopter Association International Heli-Expo show in Anaheim, Calif. The S-76D Entry into Service program includes customer training, service, support and focused customer communication, as well as the tracking of customer fleet analytics. “The S-76D aircraft is Sikorsky’s first new commercial product launch since 2004,” said Leon Silva, director, S-76® programs. “We’re excited about this aircraft, and also the robust customer experience designed to go along with the delivery of each one.”

Resources