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Embraer’s Eve to List on NYSE in 2022 Through Business Combination with Zanite

By Jessica Reed | December 21, 2021
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Eve UAM, an Embraer company, intends to list on the NYSE following a business combination agreement with Zanite Acquisition Corp. in 2022.

Embraer's Eve Urban Air Mobility Solutions is set to produce its first fully-operational electric vertical take-off and landing (eVTOL) aircraft in partnership with private aviation entrepreneur Kenn Ricci, co-CEO of Zanite Acquisition Corp. Orders for Eve's eVTOL total 1,735 aircraft to date, amounting to roughly $5 billion, and deliveries are scheduled to commence in 2026.

Eve has announced a new business combination agreement with Zanite. in which Eve will become a wholly-owned subsidiary of Zanite. In the second quarter of 2022, the renamed Eve Holding, Inc. will list on the New York Stock Exchange (NYSE) under “EVEX” and "EVEXW” when the transaction is complete.

On the same day its scheduled NYSE listing was announced, Eve also received two separate non-binding letters of intent (LOIs) from U.S.-based regional airlines Republic Airways and SkyWest each committing to future purchases of 100 eVTOL aircraft. Azorra, a Florida-based commercial aircraft lessor specializing in Embraer regional jets, also signed an LOI with Eve for up to 200 eVTOL aircraft.

“Today almost half of commercial aircraft are leased and we believe leasing companies will also play an active role in Urban Air Mobility, allowing operators to remain asset light. Azorra has a history of helping markets grow and we are excited to join them in this new frontier for aviation," Andre Stein, co-CEO of Eve, said in a statement.

Another announcement this week involving Eve came from Embraer’s Defense & Security team, which has embarked on a joint study with BAE Systems to explore the development of defense applications for the Eve eVTOL. According to a Dec. 21 press release, the study “builds on Eve's development for the urban air mobility market and will look at how the aircraft could provide cost-effective, sustainable, and adaptable capability as a defense variant.”

BAE Systems Air COO Ian Muldowney commented that Embraer’s innovative technology will accelerate new and sustainable innovations in combination with BAE’s “extensive defense engineering and systems integration experience.” Under the joint study agreement signed by the two companies, engineers from BAE Systems’ Air sector in Lancashire, UK, will work with the Embraer Defense & Security team based in São José dos Campos, Brazil to explore how a defense variant could be used for a range of applications such as personnel transportation, surveillance and reconnaissance, disaster relief, and humanitarian response.

BAE Systems and Embraer Defense & Security are performing a joint study to explore development of Eve's eVTOL aircraft for the defense and security market.

According to Zanite’s Ricci, “We selected Eve because of its simple and certifiable eVTOL design, its capital efficient approach to fleet operations, and Embraer’s global footprint that we believe will enable Eve to not only reach vehicle type certification, but to scale its manufacturing, support, and operations globally.”

Eve was established by Embraer S.A. as an independent company in October 2020. Embraer will maintain about an 80% equity stake in the new Eve Holding, which includes its investment in the [Private Investment in Public Equity] PIPE. As the majority of ownership of Eve transitions from Embraer to Zanite, Eve will continue to retain the royalty-free license to Embraer's background IP to be used within the UAM market. 

An announcement from Embraer and Kenn Ricci shared plans to produce the first fully-operational eVTOL via Eve, and deliveries may begin as early as 2026.

The 18 total operating partners who have already placed orders for Eve's eVTOL include six fixed-wing and eight helicopter operators in addition to four ridesharing service providers.

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