Benzinga | Jul 13, 2021 12:57PM EDT

Joby Aviation Partners With JetBlue, Signature Flight On Path Towards Net-Zero Emissions

* Joby Aviation, a California-based company developing all-electric aircraft for commercial passenger service, is working with JetBlue Airways Corp (NASDAQ:JBLU) and Signature Flight Support to forge a new path toward net-zero emissions in the aviation industry.

* Joby is developing an electric vertical take-off and landing (eVTOL) aircraft that will quietly transport a pilot and four passengers up to 150 miles while producing zero operating emissions.

* Together, the companies will define the framework for creating, validating, and eventually using these new credits on aviation carbon markets.

* "This partnership allows JetBlue to not only continue to fulfill our domestic carbon neutrality commitment, but also evolve the type of offsets we purchase and help support the development of electric and hydrogen aviation -- critical levers for meeting the U.S. aviation industry's net-zero goals," said Sara Bogdan, Head of Sustainability and Environmental Social Governance at JetBlue.

* JetBlue continues to invest in Joby's success through its venture capital subsidiary, JetBlue Technology Ventures.

* Price Action: JBLU shares are down 3.42% at $15.93 on the last check Tuesday.