Electric air taxi pioneer Joby expands passenger operations as Blade spins off medical transport arm into new public company
Blade Air Mobility (BLDE) shares surged as much as 30% early Monday after announcing a $125 million deal to sell its helicopter passenger rideshare business to Joby Aviation (JOBY). The transaction will exclude Blade’s medical transport division, which will be spun off into a separate public company, Strata Critical Medical.
Joby, a $14.4 billion company backed by Toyota, is developing battery-powered electric vertical takeoff and landing aircraft (eVTOLs) and is targeting FAA certification to begin commercial flights as early as 2026. Joby’s stock climbed over 5% on the news.
Blade’s rideshare service offers per-seat helicopter flights from multiple New York City locations to destinations such as the Hamptons and Newark Liberty International Airport. In 2024, Blade transported over 50,000 passengers from 12 terminals, according to Joby.
Despite strong traffic, Blade has yet to post an annual profit since going public through a SPAC in 2021. The company’s market capitalization stood at just over $300 million prior to Monday’s announcement, with shares down 11% year-to-date and roughly 60% since its public debut.
Under the deal, Blade founder and CEO Rob Wiesenthal will remain in charge of the passenger business, which will become a wholly owned subsidiary of Joby. The acquisition is seen as a strategic step for Joby to expand its customer base and infrastructure ahead of launching its eVTOL services.
With five aircraft expected to enter the final certification phase next year, Joby aims to integrate Blade’s operations as it prepares to usher in the next generation of urban air mobility.
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