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 Special Purpose Acquisition Company (SPAC) Zanite Acquisition Corp. to go public on the NYSE and raise capital.
The $2.9 billion transaction aims to provide Eve with financial agility and resources to scale its eVTOL business, with Embraer retaining approximately 82% ownership.
Eve's business model focuses on manufacturing its 4-6 passenger eVTOLs, not operating an airline, and it has secured non-binding orders for 1,735 aircraft.
The eVTOL, utilizing a simple design based on proven technologies, is expected to be type certificated by late 2025 and enter service by early 2026.

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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.