Joby Aviation Inc (NYSE:JOBY) shares gained nearly 3% to about $14 in late-morning trading on Friday after the developer of air taxis for commercial passenger service announced its participation in the White House’s new electric vertical takeoff and landing (eVTOL) Integration Pilot Program.
eVTOL, a joint effort by the Department of Transportation and the Federal Aviation Administration (FAA), is designed to accelerate the safe integration of electric air taxis into US airspace.
“We’ve spent more than 15 years building the aircraft technology and operational capabilities that are defining advanced aerial mobility, and we’re ready to bring our services to communities," Joby’s chief policy officer Greg Bowles said in a statement.
“We look forward to demonstrating our aircraft's maturity and delivering early operations in cities and states nationwide.”
Joby said it expects to fly its first of five FAA-conforming aircraft this year and to begin flight testing with FAA pilots onboard early next year.
The company added that it has already logged over 40,000 miles in flight tests and recently completed the first piloted flight between two public airports.
Joby shares have climbed more than 73% year to date.