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Joby Aviation, Inc. (NYSE:JOBY) is shooting higher Thursday after receiving an investment worth $100 million from South Korea's leading telecommunications company SK Telecom Co., Ltd. (NYSE:SKM).
The development paves the way for Joby to participate alongside SKM in Korea's "K-UAM Grand Challenge," led by the Korean Ministry of Land, Infrastructure, and Transport, to foster the adoption of aerial ridesharing in Korea.
"We're grateful for SKT's commitment to Joby and look forward to working with them as we develop a transformational air taxi service for Korea," said JoeBen Bevirt, founder and CEO of Joby Aviation.
The investment is part of an expanded partnership between the two companies. Joby and SKM first signed a strategic collaboration agreement in February 2022.
According to a regulatory filing, on June 27, 2023, Joby Aviation has agreed to sell and issue to SK Telecom, in a private placement, 15.03 million shares at $6.65 per share.
"We will do our utmost to promote the demonstration and commercialization of urban air mobility in Korea, based on our partnership with Joby Aviation," stated Ryu Young-sang, CEO of SK Telecom.
"This technology promises to greatly reduce customers' travel time and we look forward to turning Korea into a mobility powerhouse," Young-sang added.
On June 28, Joby received a Special Airworthiness Certificate, allowing the company to begin flight testing its first production prototype built at its Pilot Production Line in California.
Price Action: JOBY shares are trading higher by 17.4% to $10.52 in the premarket session on the last check Thursday.
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