Joby Aviation Inks Expanded US Department Of Defense Contract

Joby Aviation, Inc. JOBY has received an expansion on its existing contract with the U.S. Air Force's Agility Prime program, increasing the contract's potential value by more than $45 million, bringing the total potential value above $75 million now.
The expanded contract leverages Joby's years of research and technology development and includes new testing to evaluate Joby's advanced technologies. The contract also widens JOBY's defense partnerships to include the U.S. Marine Corps.
With the expansion of Joby's contract, the Army, Navy, Air Force, and Marine Corps have identified eVTOL aircraft as a critical area of interest.
"This extension provides valuable support for our ongoing development efforts and allows our partners to see first-hand the potential for this aircraft in their future concept of operations," stated JoeBen Bevirt, founder and CEO of Joby.
Price Action: JOBY shares are trading higher by 1.32% at $6.14 on the last check Wednesday.