Eve Air Mobility, the electric aircraft unit of Embraer, is eyeing a New York Stock Exchange (NYSE) listing in 2022, through a combination with SPAC Zanite Acquisition.

Embraer will hold 82% of the resulting firm’s equity after the transaction, which values Eve at $2.4bn.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The deal includes up to $237m in cash from Zanite. along with a $305m PIPE.

It is anchored by Embraer, Zanite Sponsor, as well as a consortium of partners, comprising Azorra Aviation, Rolls-Royce, SkyWest, BAE Systems, Bradesco BBI, Falko Regional Aircraft, and Republic Airways.

Proceeds of the deal will be used to develop and commercialise Eve’s urban air mobility capabilities.

Eve is expected to start trading under the ticker EVEX, with a cash position of around $512m.

The deal has already secured the nod of Embraer and Zanite boards. It now awaits the nod of regulators and stockholders, with completion anticipated in the second quarter of 2022.

Additionally, Eve unveiled multiple new electric vertical takeoff and landing aircraft orders.

This includes Republic Airways’ memorandum of understanding (MoU) and Letter of Intent (LOI) for the procurement of up to 200 eVTOL aircraft from Eve.

Through this partnership, the companies will establish a network throughout the Central and East Coast markets of the US.

For developing the first Urban Air Mobility (UAM) flights with Eve’s aircraft, the entities will form a working group that will assess the needs of upcoming airline operating certificates (AOCs).

This will enable the deployment of Eve’s aircraft in specific markets and assignments.

The group will also study the viability of additional services from other kinds of urban air vehicles for entering new markets.

Republic Airways president and CEO Bryan Bedford said: “Republic’s commitment to provide sustainable aviation solutions to our codeshare partners, American, Delta and United, relies on continued investments in both workforce development and emerging clean technologies.

“The strategic relationship with Eve builds upon decades of a successful relationship with Embraer that has expanded access to regional airports across the country, and we believe Eve’s UAM platform could play a critical role in our future workforce development initiatives.”

Azorra too signed a LOI for ordering up to 200 of Eve’s eVTOL aircraft.

The Eve-Azorra alliance will look to set up a base of operators that plan for scheduled UAM missions and help provide the infrastructure required to support eVTOL flights globally.

Last month, Thales, Airbus and Diehl Aerospace signed a trilateral agreement to develop the central flight control system of CityAirbus NextGen.