Joby Aviation, an aerial taxi company, has acquired a defense technology firm for $500 million.

Joby Aviation announced on Tuesday that it will acquire defense technology company Resonant Sciences for approximately $500 million, aiming to expand its business in the continuously growing defense market. As commercial development takes longer than expected and defense spending surges due to the wars in Ukraine and the Middle East, electric vertical takeoff and landing aircraft companies are increasingly turning their attention to the military market. Joby stated that it will continue to develop its air taxi eVTOL project and transfer defense projects, including hybrid and autonomous vertical takeoff and landing programs, to Resonant Sciences. Based in Dayton, Ohio, Resonant designs, manufactures, and provides advanced radio frequency and mission systems for U.S. national security customers.