South Korea's SK Telecom Makes An Equity Investment Of $100M In Joby As Part Of Expanded Partnership Between Two Companies

Author: Benzinga Newsdesk | June 29, 2023 06:11am

Joby Aviation, Inc. (NYSE:JOBY), a company developing all-electric aircraft for commercial passenger service, today announced that SK Telecom (NYSE:SKM, ", SKT", ))))), South Korea's leading telecommunications company, is making an equity investment of $100 million in Joby, as part of an expanded partnership between the two companies.

The agreement, executed on 27 June, paves the way for Joby to participate alongside SKT in Korea's "K-UAM Grand Challenge." The Challenge is a phased demonstration program, led by the Korean Ministry of Land, Infrastructure and Transport, which is designed to foster the adoption of aerial ridesharing in Korea.

Joby and SKT first signed a strategic collaboration agreement in February 2022, which was expanded to include TMAP, South Korea's largest mobility platform, in May 2022. Today's investment is expected to lead to the development of further partnerships across the mobility ecosystem in Korea, led by SKT.

Posted In: JOBY SKM