Eve Urban Air Mobility says it now expects to raise well over $500 million from its pending merger with Zanite Acquisition Corporation and a subsequent initial public offering on the New York Stock Exchange. During a March 25 briefing for investors, the eVTOL aircraft developer’s CFO, Eduardo Couto, said that since announcing the deal in December 2021, it has boosted the public investment in private equity (PIPE) by $42 million to $347 million.
The transaction, which is expected to close during the second quarter of this year, is also backed by $237 million in cash from U.S.-based special purpose acquisition company Zanite, which is itself backed by business aviation entrepreneur Kenn Ricci. Couto said that new PIPE backers include Acciona, Thales, and Space Florida and that the capital raised, now potentially totaling $584 million, will derisk Eve’s plans to bring its four-passenger eVTOL aircraft into service during 2026.
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