In a quiet, overlooked announcement earlier this month, Toyota Motor Corporation (NYSE: TM) and Joby Aviation (NYSE: JOBY), a firm developing electric air taxis for commercial passenger service, announced that Toyota will invest an additional $500 million to support the certification and commercial production of Joby’s electric air taxi. The investment will be made in two equal tranches, with the first targeted to close later this year and the second during 2025.* This is part of a trend of traditional automobile companies transitioning to mobility companies on land, the seas, air or space, including Toyota’s Lunar Cruiser.**
“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation. “The knowledge and support shared by Toyota has been instrumental in Joby’s success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel.” Continue reading
DOE Backs Utility-Scale Power Storage In Puerto Rico
The U.S. Department of Energy (DOE) through its Loan Programs Office (LPO) today announced the closing of a $861.3 million loan guarantee to finance the construction of two solar photovoltaic (PV) farms equipped with battery storage and two standalone battery energy storage systems (BESS) in Puerto Rico.
“The project is financed under Title 17 Clean Energy Financing Section 1706. Created by President Biden’s Inflation Reduction Act (IRA), EIR can finance projects that retool, repower, repurpose, or replace energy infrastructure that has ceased operations or enable operating energy infrastructure to avoid, reduce, utilize, or sequester air pollutants or greenhouse gas emissions,” LPO said. Continue reading →