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Eve to secure US$30M from new investor Acciona

Embraer’s Eve Air Mobility stands to gain an additional US$30 million from a new investor, as long as its business combination with Zanite Acquisition Corp. is able to close successfully this year.

Eve Acciona
Eve Air Mobility has partnered with Acciona in a deal that would see the infrastructure company inject US$30 million into the eVTOL company’s business plan. Eve Air Mobility Image

The urban air mobility (UAM) company recently announced a partnership with Acciona, an infrastructure company focused on developing and managing sustainable infrastructure solutions.

The Spanish company has agreed to join Eve’s group of strategic investors and inject US$30 million into Eve’s business plan. The eVTOL company intends to develop a five-seat eVTOL aircraft and explore UAM operations around the world.

As part of the agreement, José Manuel Entrecanales, chair and CEO of Acciona, will join Eve’s board of directors as one of its seven members. This is slated to happen in the second quarter of this year, after Eve is listed on the New York Stock Exchange (NYSE) through its merger with Zanite, a special purpose acquisition company (SPAC).   

“Whether we like it or not, the world’s population is increasingly concentrating in larger cities. Keeping the climate footprint of these urban areas at bay is one of the greatest challenges of the decarbonization process we are all engaged in,” Entrecanales said. “Urban air transport models, such as the one proposed by Eve, can be very useful when considering different sustainable mobility solutions. Participating in a project as innovative as Eve will allow us to continue advancing along that path.”

This recent partnership with Acciona adds to Eve’s growing list of investors. The eVTOL company has garnered interest from fixed-wing operators Republic Airways and SkyWest Airlines, aircraft lessors Azorra Aviation and Falko Regional Aircraft, financing company Banco Bradesco, technology producers Rolls-Royce and Thales, and defense company BAE Systems.  

Eve also continues to grow its pre-order book — now sitting at 1,785 vehicles — recently adding Global Crossing Airlines Group as a customer that has agreed to a conditional pre-order of 200 of Eve’s eVTOLs. The aircraft would potentially be used in a new UAM network in the Miami region that the eVTOL company is exploring with consortium members Skyports, L3Harris Technologies, and the Community Air Mobility Initiative (CAMI).

Eve’s merger with Zanite has been in the works since at least June 2021, when Zanite confirmed it was in talks with Eve. Officially announcing its plans to go public in December, the companies said the business combination will give Eve a pre-money valuation of around US$2.4 billion, with Embraer remaining as a majority stockholder with about 82% stake in the company.

If the merger is successful, Zanite plans to change its name to Eve Holding, and its common stock and warrants are expected to trade on the NYSE under the ticker symbol EVEX and EVEXW, respectively.

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