Embraer Urban Air Mobility Company, Eve, Joins NYSE: Promises Flying Cars in 2026

It makes perfect sense that a leading provider of manned aircraft should enter the arena of passenger VTOLs, flying cars, and urban air mobility.  Now, Embraer urban air mobility spin-off Eve UAM, LLC (“Eve”) has spun off and is joining the NYSE – and promises a vehicle in 2026.  The details, according to a press release:

Eve UAM, LLC (“Eve”), a leader in the development of next-generation Urban Air Mobility (“UAM”) solutions, has entered into a definitive business combination agreement with Zanite Acquisition Corp. (“Zanite”) (Nasdaq: ZNTE, ZNTEU, ZNTEW), a special purpose acquisition company focused on the aviation sector. Upon closing of the transaction, Zanite will change its name to Eve Holding, Inc. (“Eve Holding”) and will be listed on the New York Stock Exchange (the “NYSE”) under the new ticker symbol, “EVEX” and “EVEXW.” Embraer S.A. (“Embraer”), through its subsidiary Embraer Aircraft Holding, Inc., will remain a majority stockholder with an approximately 80% equity stake in Eve Holding following the closing of the business combination, including its investment in the PIPE.

As the release points out, the new UAM company will benefit enormously from the strategic partnership with Embraer.   “In connection with the transaction, Embraer has contributed its UAM-related assets, employees and IP to Eve,” says the release. “In addition, Embraer has granted Eve a royalty-free license to Embraer’s background IP to be used within the UAM market. Eve has access to thousands of skilled Embraer employees on a flexible, first priority basis and use of Embraer’s global infrastructure on preferred terms, pursuant to the terms of certain services agreements between Embraer and Eve.”

“We believe that the urban air mobility market has enormous potential to expand in the coming years based on an efficient, zero-emissions transport proposition, and that with this business combination, Eve is very well positioned to become one of the major players in this segment,” said Francisco Gomes Neto, president and CEO of Embraer. “As a global aerospace company, with leadership position in multiple segments, we understand that innovation and technology play a strategic role in driving sustainable growth and redefining the future of aviation.”

The Embraer name and expertise in developing aircraft should help Eve accomplish what may be very difficult for competitors: production at scale.  While there are many UAM developers, few have the experience in aircraft production which will make the difference in commercialization.

Eve is the first company to graduate from EmbraerX, the market accelerator Embraer created in 2017.

 

Eve will be led by co-CEOs Jerry DeMuro, who most recently served as CEO of BAE Systems, Inc., and Andre Stein, who has led Eve since its inception and served in leadership roles with Embraer for more than two decades.

“Urban air mobility is a transformational opportunity in the aviation sector. I joined Eve because I believe that there is no company better positioned to capitalize on the tremendous potential of this emerging market,” said Jerry DeMuro, Co-CEO.

Andre Stein, Co-CEO, added, “Eve was founded on a vision to accelerate the UAM ecosystem, make safe and affordable urban air transportation available to all citizens, while reducing global carbon emissions. The transaction announced today with Zanite is a major milestone that will accelerate our strategic plan and support us in realizing our vision.”

According to the release, Embraer’s reputation has already led to valuable partnerships and vehicle orders.  “Eve has formed a powerful network of dozens of highly respected strategic partners spanning the UAM ecosystem, including fleet operators, ride sharing partners, vertiport providers, aircraft lessors, financing partners, renewable energy providers and leaders in the defense and technology sectors,” says the release. “From this partner network, Eve has secured launch orders from 17 customers, via non-binding letters of intent, resulting in a pipeline of 1,735 vehicles valued at approximately $5.0 billion.”

Read more about urban air mobility: NASA’s UAM Grand Challenge, UAM in Japan, UAM experimental zones in China, and UAM and Smart Cities at Amsterdam Drone Week.