Embraer’s Eve to Merge with Zanite SPAC

Company chooses to join a special purpose acquisition company to scale up its air taxi manufacturing business.

Thom Patterson

Tuesday, December 21, 2021 at 11:58 AM ET

Verified

Eve’s multi-rotor pusher eVTOL air taxi is currently under development. [Courtesy: Eve Air Mobility]

Key Takeaways:

Embraer's eVTOL subsidiary, Eve, announced a merger with SPAC Zanite Acquisition Corp. to go public on the NYSE and raise capital, valuing Eve at $2.9 billion.
The deal, expected to close in Q2 2022, aims to provide Eve with the agility of an independent company to pursue new business models, partnerships, and investors, while leveraging Embraer's experience.
Eve's strategy is to develop and sell eVTOL aircraft (not operate an airline), with its design prioritizing simplicity and utilizing proven Embraer technologies for expected service by early 2026.
The company has already secured non-binding orders for 1,735 eVTOL aircraft, valued at approximately $5 billion, from various operators worldwide.

See a mistake? Contact us.

In a surprise announcement Tuesday, Embraer’s (NYSE:ERJ) electric vertical takeoff and landing (eVTOL) aircraft manufacturer, Eve, announced it will merge with special purpose acquisition company Zanite Acquisition Corp. to raise capital for scaling up its eVTOL business.

The deal, expected to close in the second quarter of 2022, will put Eve on the New York Stock Exchange, listed under the symbols EVEX and EVEXW.