
- 28 Feb 2022 02:26 PM
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Eve Reveals Public Listing, Orders
On Dec. 21, Eve Air Mobility announced plans to list on the New York Stock Exchange. The eVTOL developer, a subsidiary of Brazilian aerospace firm Embraer, plans to go public after merging with Zanite Acquisition Corp. — a special purpose acquisition company (SPAC) — in a deal that is expected to close in the second quarter of 2022. The business combination values Eve at $2.4B, with Eve expected to have approximately $512M in cash on hand upon closing with Zanite. Shares of parent company Embraer were up by 16% following the announcement. Eve is the fifth and latest eVTOL developer to embrace public listings through a SPAC, following Joby, Archer, Lilium and Vertical last year. Embraer will retain an 82% interest in Eve.
At the same time that it revealed plans to go public, Eve revealed additional conditional orders from three customers in the US. These included 100 aircraft for SkyWest, the world’s largest regional airline and an aircraft leasing company based in Utah; up to 200 aircraft for Azorra, a commercial aircraft lessor based in Florida; and up to 200 aircraft for Republic Airways, a regional airline based in Indianapolis. Then, on Jan. 11, Eve announced that Falko Regional Aircraft, a UK-based aircraft leasing group, had placed a potential order for 200 Eve eVTOL aircraft, with a service entry in 2026. Eve and Falko will also partner to study the feasibility of creating a network of eVTOL operators using Falko’s existing customer base. All three companies are existing Embraer customers.
In a first for Eve, the eVTOL developer said on Dec. 21 that parent company Embraer had partnered with BAE Systems to consider potential military applications of the Eve eVTOL. Engineers from Lancashire, UK-based BAE Systems’ Air Sector and São José dos Campos, Brazil-based Embraer Defense & Security will jointly explore how eVTOL aircraft could be used for a range of military applications such as transporting personnel and providing disaster relief. Embraer and BAE touted the partnership as one that could offer militaries significant cost savings, especially since the development will occur in parallel with Eve’s commercial activities.
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