2023-04-25 06:41:52 ET
Joby Aviation ( NYSE: JOBY ) announced the third extension of its Agility Prime contract with the United States Air Force.
The company stated the $55M contract extension brings the total potential value of Joby’s current contract with the Air Force up to $131M and underlines the U.S. government’s continued commitment to leadership in this new sector.
As part of the agreement, Joby Aviation ( JOBY ) will deliver and operate up to nine of its five-seat, low-noise, zero operating emissions aircraft to provide the Air Force and other federal agencies with firsthand experience of the performance of Joby’s aircraft and its potential applications.
The first two aircraft are expected to be delivered to Edwards Air Force Base, California by the early part of 2024, and will be used to demonstrate a range of potential logistics use cases, including cargo and passenger transportation. The first electric air taxis are expected to be the first to be stationed at a U.S. military base.
Joby's ( JOBY ) partnership with the Department of Defense began more than five years ago and is noted to provide the company with access to testing facilities, early operational experience for government customers, as well as a partial offset to its research and development costs.
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Joby Aviation updates on $55M U.S. Air Force contract