Joby Aviation, a transportation company developing an all-electric, vertical take-off and landing passenger aircraft, which it intends to operate as early as 2023, today announced that Uber Technologies, Inc (NYSE: UBER) has agreed to invest a further $75 million in Joby as part of a broader transaction involving the acquisition of Uber Elevate by Joby and an expanded partnership between the two parent companies. This investment 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 week's 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 ground and air travel for future customers.

Joby Aviation is a California headquartered aerospace company developing an all-electric vertical takeoff and landing aircraft which it intends to operate as a fast, quiet and affordable air taxi service as early as 2023. The zero emissions aircraft will transport four passengers and a pilot up to 150 miles on a single charge, helping to reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby has raised $820 million in investment and employs more than 500 people. Joby has offices in Santa Cruz, San Carlos and Marina, California, as well as Washington D.C. and Munich, Germany.