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Flying Taxi Platform Volocopter eyes fresh capital, SPAC an option

22Mar By reutersNo Comments

Automobile

Flying Taxi Platform Volocopter eyes fresh capital, SPAC an option

BERLIN, 3/22/2021: German air taxi startup Volocopter plans to raise fresh funds from investors, its Chief Executive Florian Reuter said on Thursday, adding that a deal to go public via a special purpose acquisition company was one option. Volocopter this month tapped investors led by U.S. asset manager Blackrock for 200 million euros ($239 million) in backing as it seeks certification for its battery-powered flying taxi. "We expect to need more money in the future," Reuter said in an interview. "You can expect us to continue raising money going forward." Aims to bring its VoloCity air taxi into commercial service in the next two years, in a race with startups including U.S. rival Joby which plans to go public via a $6.6 billion SPAC deal. Joby, which has partnered with Toyota ...

Joby Aviation acquires Uber Flying Taxi Business

9Dec By AnkitaNo Comments

ACQUISITION

Joby Aviation acquires Uber Flying Taxi Business

Santa Cruz, Calif. and San Francisco, Dec 09, 2020— Joby Aviation, a transportation company developing an electric, vertical take-off and landing passenger aircraft raises $75 million in funding from Uber and acquires Uber Flying Taxi Business 'Uber Elevate. The investment from Uber comes in addition to a previously undisclosed $50 million investment made as part of Joby’s Series C financing round in January 2020. Under the terms of this deal, Joby Aviation will acquire Uber Elevate, while the two parent companies have agreed to integrate their respective services into each other’s apps, enabling seamless integration between the ground and air travel for future customers. Joby Aviation is planning to launch their Air Taxi service in 2023. Established in 2016, Uber Elevate has ...

Toyota Invests $394M in Flying Taxi Startup

17Jan By AnkitaNo Comments

Automobile, FUNDING

Toyota Invests $394M in Flying Taxi Startup

SANTA CRUZ, Calif., Jan. 17, 2020-- Toyota is exploring a new flight path for mobility through a new collaboration with Joby Aviation (Joby), an aerospace company that is developing and commercializing all-electric vertical take-off and landing (eVTOL) aircraft to enable the deployment of fast, quiet and affordable air transportation services. The collaboration reflects Toyota's recognition of the long-term potential of the urban air mobility market to meet the evolving needs of society, as well as Joby's position as an industry leader in working to deliver safe and affordable air travel to everyone. "Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, this agreement sets our sights to the sky," said Toyota Motor Corpo...

Uber May Launch Air Taxis in Indian Metros under Uber Elevate Project

31Aug By Gauri SinghNo Comments

News

Uber May Launch Air Taxis in Indian Metros under Uber Elevate Project

With the ride-hailing services getting a major boost for a few months now, world’s largest cab aggregator Uber may now come up with flying taxi by the year 2023. It has been reported that Uber has shortlisted India and four other countries as potential markets where it may launch its air mobility services in the next five years. This has been done under the company’s ‘Uber Elevate’ project. Apart from the US, the countries that have been selected for the ambitious project include India, Japan, Australia, Brazil and France. “We are announcing a shortlist of five countries where Uber Air can immediately transform transportation and take our technology to new heights,” said Eric Allison, head of Uber Aviation Programs. “Starting in approximately five years, Uber customers in launch cities...

IIT-Kanpur Signs MoU of $2.2 Mn to Develop Flying Taxi Prototype

24May By Sheldan RungasamyNo Comments

INDIA

IIT-Kanpur Signs MoU of $2.2 Mn to Develop Flying Taxi Prototype

Researches from the IIT-Kanpur in collaboration with VTOL Aviation India Pvt Ltd, have agreed to a $2.2 Mn Memorandum of Understanding (MoU) to develop the prototype of a auto-piloted vertical takeoff and landing (VTOL) craft, which could be used as flying taxi or facilitate air travel. “We will establish a proof of concept and identify the key technology areas. There will be over 100 students working on this,” said Ajoy Ghosh, Aerospace Engineer and Flight Lab Head of IIT-Kanpur. The project may be take up to five years to be completed, prompting Ghosh to comment, “The proposed craft will most likely use a ducted fan, much like commercial airplanes. It will be clean as it will use electric power.” The motivation behind this project for Ghosh is the hope of developing a sustainabl...