Joby Aviation, Surf Air land big investments
Delta Airlines is investing $60 million in Joby Aviation, one of the most buzzed-about developers of electric air taxis.
- Meanwhile, Surf Air Mobility announced an agreement for up to $450 million in financing to supply hybrid-electric and fully electric aircraft for regional routes.
Why it matters: Electric aircraft may begin ferrying passengers as soon as 2024, or even earlier — most immediately on local and regional routes.
What's happening: Delta, with its investment in Joby, is aiming to make it easier to get to and from the airport, particularly for premium-status flyers, per Axios What's Next's Joann Muller.
- The airline is looking at five cities in particular: New York, Los Angeles, San Francisco, Miami and London.
- Delta may invest up to $200 million total in the partnership with Joby.
Of note: Joby last week informed the SEC that it may raise another $1 billion.
- The company raised $1.6 billion at a $6.6 billion valuation during the SPAC boom last year. It's since seen its valuation dip to about $2.5 billion.
Meanwhile: Surf Air Mobility and Jetstream Aviation Capital have agreed on principal terms for $450 million in financing through a lease and sale structure.
- Surf Air Mobility will supply new and used turboprop aircraft from Cessna and Pilatus.
- Jetstream Capital, meanwhile, expressed its intent to commit to buy up to 250 hybrid and electric power trains over the next five years from Surf Air.
Plus: American Airlines this morning announced an undisclosed equity investment in Universal Hydrogen, an LA-area company that's developing hydrogen infrastructure for aircraft.