Eve UAM, an Embraer company developing Urban Air Mobility solutions, announced a summary business update on several key milestones relating to its business and plans to go public through a merger with Zanite Acquisition. The deal includes a $357.3 million PIPE, inclusive of a $52.3 million upsize, which includes commitments from strategic partners Thales, Acciona and Space Florida, as well as an increased commitment by Embraer Aircraft Holding, a direct subsidiary of Brazil-based Embraer.
Zanite’s shareholder vote on the merger is slated for May 6.
The deal calls for Eve to receive approximately $512 million in cash, resulting in a total pro forma equity value of approximately $2.9 billion, assuming no SPAC share redemptions. The proceeds will be funded through a combination of the PIPE and Zanite’s approximately $237 million in cash.
Since the announcement of the deal in December, Eve’s pipeline of secured launch orders via non-binding letters of intent has grown from 17 to 19 customers and from 1,735 to 1,825 vehicles. These customers include fixed-wing operators, helicopter operators, ride-sharing platforms and leasing companies, including Azorra Aviation, Falko Regional Aircraft, Republic Airways, SkyWest, and GlobalX. This order backlog provides important revenue visibility as the company works to achieve type certification for its electric vertical take-off and landing (eVTOL) aircraft in compliance with certain airworthiness authorities and, following certification, begin production and sales of the vehicles, Eve said in a news release.
The company also announced new developments and business agreements in its UAM portfolio of solutions as it seeks to reshape the future of UAM. These new developments include the previously announced publication of a Concept of Operations (“CONOPS”) for UAM operations in Miami-Dade County and the United Kingdom, as well as the expected publishing in the coming weeks of a new CONOPS for the future UAM market in Rio de Janeiro, Brazil. Read more.
