Joby Aviation has reached an agreement to acquire Resonant Sciences for $500 million in cash and stock, according to a regulatory filing. This move is part of the electric air taxi developer's strategy to expand its presence in the defense sector.
Ohio-based Resonant Sciences, known for its radio frequency and sensor systems, will operate as a dedicated defense business under Joby. J. Micah North, co-founder and CEO of Resonant Sciences, will lead this new division. The new defense unit will integrate Joby's existing defense projects, including the development of turbine-electric and hydrogen-electric aircraft, as well as autonomy technology.
The creation of this dedicated defense division is intended to allow the rest of Joby Aviation to concentrate on the certification, manufacturing, and launch of its electric air taxi. Resonant Sciences has reported $100 million in trailing 12-month revenue and has access to classified U.S. government programs. The acquisition is seen as a way for Joby to secure near-term revenue, a strategy previously employed with the acquisition of Blade Air Mobility's helicopter rideshare business last year.