Is sustainable air travel on the horizon? Last week, Joby Aviation (NYSE: JOBY) announced a significant milestone toward that goal. In collaboration with H2FLY, its German subsidiary, the company successfully flew a hydrogen-electric air taxi demonstrator for 523 miles. This flight, believed to be the first of its kind for a vertical takeoff and landing aircraft powered by liquid hydrogen, produces only water as a byproduct. If this initial success can be replicated and scaled, it could revolutionize regional travel, as there is no need for airport infrastructure.
The aircraft is a modified version of Joby's battery-electric air taxi, fitted with a liquid hydrogen fuel tank and fuel cell system. The fuel cells provide power for sustained flight, and the batteries assist during takeoff and landing. It completed the test flight with 10% of its fuel remaining, demonstrating the potential for emissions-free regional air travel without the need for runways.
Who Is Joby?
Joby Aviation is a U.S. venture-backed business that develops electric vertical takeoff and landing (eVTOL) airliners that can be used as part of a fast, quiet, and convenient regional air taxi service. The company plans to begin commercial operations with its battery-electric air taxi as soon as 2025. Joby is publicly traded on the NYSE and has secured over $2 billion in funding from prominent investors such as Delta Air Lines, Uber, and Toyota.
This development aligns with broader goals for sustainable aviation and has received support from various entities, including the U.S. Air Force's AFWERX Agility Prime program and California's government.
Joby is also advancing other aviation technologies, having recently acquired Xwing Inc., a leader in autonomous flight technology.
By The Numbers
Analysts such as Barclays Capital, Morgan Stanley, Raymond James, and Deutsche Bank Securities rate JOBY as a Moderate Buy, seeing it as a promising stock with growth potential. The consensus 12-month price target is $9.25, with a high estimate of $11. Shares are currently trading up 4.92% at $6.935.
JOBY’s breakthrough represents a significant step towards more sustainable and flexible air travel options, potentially reshaping regional transportation in the coming years. However, as the technology is still in its early days, an investment in JOBY is not without risk, and it is likely more suitable as a long-term play.
Neither Julie Stoller nor Stocks.News have positions in this company.
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Contributing Writer
As a professional writer since 2012, Julie Stoller has covered many industries, from healthcare and technology to consumer products and industrials. She has written about IPOs, spinoffs, ETFs, stock splits, commodities, legislative actions impacting investors, and macroeconomic issues. While keeping up with the latest meme stocks and trends, Julie's special interests are discovering ...