Electric Air Taxi Maker Joby Goes Public, Offering Investors Sky-High Potential—And Risk

, are both trading below the typical $10 a share redemption level for SPACs.

But Joby has already won airworthiness certification for its aircraft from the U.S. Air Force, and it will be booking solid revenue over the next few years—and gaining valuable real-world operating experience—through a for cargo delivery, medical evacuation and search and rescue.

Joby also says it’s achieved significant reductions in noise compared to helicopters, which should help it win approval for vertiports in places where helicopters have been deemed too disruptive to fly.in which Bevirt held a noise meter showing the aircraft registering at 55 decibels while hovering above the ground 100 meters away—a little more than the length of a football field. That’s 1,000 times quieter than a helicopter at 90 decibels.

While all of the scores of electric aviation startups tout the much lower cost of electricity versus fossil fuels and the lower maintenance requirements that they expect their aircraft to have, it’s the price of the aircraft that investors should be paying attention to, argues Richard Aboulafia, vice president of analysis at the consultancy Teal Group.

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