AIBOT Receives $15 Million CalCompetes Grant, Boosting eVTOL Industry and Job Creation in California

• $15 million grant to advance AIBOT's AI-defined aiEVTOL aircraft and ecosystem development in California.
• Grant funding to facilitate the creation of nearly 700 new jobs and nearly $500 million investment in Long Beach, Mojave and other strategic locations in California.
• Accelerates AIBOT's R&D, flight testing, and manufacturing plan for manned, and unmanned aiEVTOL aircraft.
  
  

LONG BEACH, Calif., Nov. 21, 2023 (GLOBE NEWSWIRE) -- AIBOT, a California-based company with the vision to disrupt the next generation of mobility with its AI-defined electric vertical take-off and landing (aiEVTOL) aircraft and ecosystem, announced its recent award of a $15 million grant from the California Competes Grant Program. This significant endorsement by the California Governor's Office of Business and Economic Development (GO-Biz) represents a major milestone for AIBOT and the burgeoning eVTOL sector.

Jerry Wang, Executive Chairperson of AIBOT, added, "We are deeply grateful for this significant CalCompetes grant from the State of California. Receiving this grant is a powerful endorsement of our mission and potential. We're ready to utilize this opportunity to fortify our role as an ultra-high-tech leader in the Advanced Air Mobility sector, making substantial contributions to California's economy and job market."

This year, GO-Biz received over $1.8 billion in grant requests for the $120 million in grants available through the California Competes program, which aims to bolster job creation and economic development by supporting innovative companies looking to expand or establish their presence in California. As one of only eight recipients awarded, two of which were eVTOL companies, AIBOT's selection underscores the importance of eVTOL technology in driving California's commitment to innovation and sustainability. The grant not only demonstrates the state's vision of being a leader in the Advanced Air Mobility (AAM) sector but also affirms its dedication to fostering cutting-edge industries that promise a more sustainable and technologically advanced future.

"Advanced air mobility is an industry of the future, and we want to ensure California remains a leader in that industry. We look forward to AIBOT's success as they build out their company and continue to grow their presence across California," said Dee Dee Myers, Senior Advisor to Governor Newsom and GO-Biz Director.

"AIBOT's selection for the CalCompetes Grant is a resounding vote of confidence in their innovative approach and groundbreaking technology," expressed Assemblymember Josh Lowenthal, representing California's 69th District. "Their commitment to creating a sustainable and interconnected future aligns perfectly with California's economic and environmental goals, and I'm excited to see how their expansion will energize Long Beach and the surrounding communities."

The $15 million grant is a testament to the company's pivotal role in advancing aerial mobility in California, with plans to create 697 new full-time jobs and invest $494 million capital investment over the next five years. Centralizing operations in California, particularly in Long Beach and Mojave, the grant will enhance AIBOT's R&D capabilities, flight testing, and manufacturing. The strategic alignment of flight testing with prototyping and manufacturing facilities is a key component of AIBOT's approach to innovation and this integration will accelerate the company's endeavors in developing advanced artificial intelligence (AI) software and producing AI-defined autonomous electric aircraft.

Jerry Wang added, "The grant will allow AIBOT to bring its flight testing and manufacturing to California while enabling fast-tracking the production of our first commercialized aiEVTOL product which includes local investment to build manufacturing facilities and create numerous job opportunities. This endorsement by GO-Biz is an affirmation of the confidence placed in AIBOT's vision, our technological prowess, and our growth strategy in California."

"I'm delighted that Long Beach's AIBOT was awarded a $15 million CalCompetes Grant, recognizing their green innovation and technological leadership," said Mayor Rex Richardson. "This supports our city's economic growth and sustainability vision, and I'm proud of their contribution to our community."

Reflecting on AIBOT's CalCompetes journey, Tommy Xie, AIBOT Assistant Treasurer and grant project owner stated, "I am filled with gratitude, and I have immense appreciation for the unwavering support and guidance of the CalCompetes team over the past three months. I also want to give special acknowledgment to our dedicated team. This achievement is indeed a proud moment for AIBOT."

In early 2024, AIBOT is set to host an exclusive company debut event at its Long Beach headquarters, where the company will introduce its groundbreaking technology, products, and comprehensive business plan to invited guests. This event will set the stage for a landmark moment later in the year, as AIBOT plans to unveil its first commercial unmanned aiEVTOL aircraft, designed to serve a variety of industries including cargo, agriculture, high-speed inspection, and medical deliveries.

AIBOT is actively expanding its team, seeking passionate individuals who are eager to contribute to a revolutionary shift in air mobility and underscoring AIBOT's commitment to growth and innovation. For more information about AIBOT and career opportunities, please visit aibot.ai.

About AIBOT

AIBOT is a California-based company with the vision to disrupt the next generation of mobility, transforming the aviation industry to usher in the B2C era, making the freedom of flight an accessible reality anytime, anywhere for every household. AIBOT's mission is to create an AI-defined, software-driven, ultra-high tech, hyper-performing, electric, internet-connected, and autonomous aiEVTOL aircraft and ecosystem.

Contacts

Investors: ir@aibot.ai

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