FutureFlight
Embraer-backed Eve Boosts eVTOL Plans With $377 million Initial Public Offering
Eve’s $377 million in initial public offering proceeds fell short of the $500 million originally targeted.
Eve Holding
From left to right, Directional Aviation principal and Zanite Acquisition Holding board director Kenn Ricci, Eve co-CEOs Andre Stein and Jerry DeMuro, and Embraer CEO Francisco Gomes Neto celebrate the public listing of Eve Holding at the New York Stock Exchange on May 10. (Photo: Ian Whelan)

Executives from the newly minted Eve Holding business combination between Embraer and special purpose acquisition company Zanite rang the opening bell at the New York Stock Exchange on May 10, marking a public listing that generated $377 million in proceeds. Under the terms of the deal, Embraer now holds a 90 percent stake in the eVTOL aircraft developer while Zanite shareholders and several other investors control the balance.

Led by co-CEOs Andre Stein and Jerry DeMuro, Eve considers its partnership with Embraer “a key competitive advantage,” given the Brazilian aerospace group’s global services and support infrastructure, thousands of skilled workers, and intellectual property background. The alignment also provides Eve with what it calls important cost and execution advantages as it seeks to scale its urban air mobility offering globally.