Uber has transferred its air taxi division, Elevate, to Joby Aviation, marking the final divestiture of several ambitious projects as the ride-hailing company concentrates on its primary operations and achieving profitability.

The agreement, revealed on Tuesday, involves Uber making a $75 million investment in Joby and a broadened collaboration between the two organizations. Previously, Uber and Joby, which is creating a fully electric, vertical take-off and landing passenger aircraft, partnered for Uber’s Elevate program, with Joby being the first to pledge air taxi services by 2023.

This $75 million investment supplements a prior, undisclosed $50 million contribution made during Joby’s Series C funding round in January 2020, according to Uber. To date, Joby Aviation has secured $820 million in funding, with Uber contributing a total of $125 million to the startup.

The agreement, anticipated to finalize in early 2021, will see both companies integrating their services within each other’s applications.

Uber CEO Dara Khosrowshahi stated, “Advanced air mobility presents a significant opportunity to positively impact the environment and benefit future generations.” He continued, “This arrangement allows us to strengthen our relationship with Joby, the leading innovator in this sector, and expedite the introduction of these technologies to the market.”

Although Joby is widely recognized as a frontrunner, Elevate played a crucial role in the development of the emerging industry, establishing key performance indicators utilized by other companies.

Joby Aviation CEO JoeBen Bevirt commented, “The Uber Elevate team has been instrumental in our industry and has created impressive software tools based on over ten years of experience in on-demand mobility.” He added, “These resources and the addition of new team members will be extremely valuable as we move forward with our commercial launch plans.”

A year ago, Uber pursued a broad business strategy, aiming to generate revenue from various transportation methods, including ride-hailing, micromobility, logistics, and delivery services for packages and food. However, the COVID-19 pandemic and a renewed focus on profitability led the company to discontinue its more speculative ventures and prioritize delivery services through the acquisition of Postmates.

Currently, Uber is centered on ride-hailing and delivery, while maintaining involvement in micromobility, logistics, and autonomous vehicles through a series of agreements established in 2020.

The terms of the Joby-Elevate deal mirror two other Uber transactions this year. In the spring, Uber spearheaded a $170 million funding round for micromobility company Lime, with Lime subsequently acquiring Uber’s micromobility division, Jump. The majority of Jump’s 400 employees experienced layoffs. Earlier this week, autonomous vehicle company Aurora Innovation agreed to purchase Uber’s self-driving unit in a complex deal that values the combined entity at $10 billion.

Similar to Uber’s agreements with Lime and now Joby, Aurora will not be making a cash payment for Uber ATG, which was previously assessed at a value of $7.25 billion. Instead, Uber will transfer its equity in ATG and invest $400 million into Aurora, resulting in a 26% ownership stake in the combined company, as stated in a filing with the U.S. Securities and Exchange Commission.

In October, Uber announced the sale of a $500 million stake in its Uber Freight business to an investment group led by Greenbriar Equity Group, a New York-based investment firm. This transaction valued the unit at $3.3 billion. Unlike the Jump, Elevate, and ATG deals, Uber will retain its majority ownership in Uber Freight.