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Eve to list on NYSE through business combination with Zanite Acquisition Corp.

Transaction proceeds will be used to further develop and commercialize Eve’s comprehensive urban air mobility solution spanning eVTOL design and production, service and support, fleet operations and urban air traffic management. Order pipeline of approximately $5.2 billion, comprised of 1,735 vehicle orders, via non-binding letters of intent, from 17 launch customers, including fixed wing and helicopter operators, aircraft lessors and ride sharing platform partners

 

MELBOURNE , FL / CLEVELAND, OH – Eve UAM, LLC, a leader in the development of next-generation Urban Air Mobility solutions, has entered into a definitive business combination agreement with Zanite Acquisition Corp., a special purpose acquisition company focused on the aviation sector. Upon closing of the transaction, Zanite will change its name to Eve Holding, Inc. and will be listed on the New York Stock Exchange under the new ticker symbol, “EVEX” and “EVEXW.” Embraer S.A., through its subsidiary Embraer Aircraft Holding, Inc., will remain a majority stockholder with an approximately 82% equity stake in Eve Holding following the closing of the business combination, including its investment in the PIPE.

Eve’s strategic partnership with Embraer is a key competitive advantage. In connection with the transaction, Embraer has contributed its UAM-related assets, employees and IP to Eve. 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. The strategic alignment with Embraer provides Eve with significant cost and execution advantages relative to other UAM participants.

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.”

Eve is the first company to graduate from EmbraerX, the market accelerator created in 2017 by Embraer, a global leader in the aviation industry with a more than 50-year history of aircraft manufacturing and certification expertise. With a singular focus on a potential $760 billion urban air mobility (“UAM”) addressable market, Eve has introduced a comprehensive, practical and capital efficient UAM solution spanning electric vertical takeoff and landing vehicle (“eVTOL”) design and production, service and support, fleet operations and urban air traffic management. By leveraging the ongoing support and resources of Embraer and the anticipated proceeds from the business combination, the parties to the transaction believe that Eve is uniquely positioned to develop, certify and commercialize its UAM solutions on a global scale.

The Zanite team is extremely proud to partner with Eve and Embraer in this transaction. After an extensive search, we selected Eve because of its simple and certifiable eVTOL design, its capital efficient approach to fleet operations and Embraer’s global footprint that we believe will enable Eve to not only reach vehicle type certification, but to scale its manufacturing, support and operations globally,” said Kenn Ricci, Co-CEO of Zanite and Principal of Directional Aviation Capital, a member of Zanite’s sponsor.

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.”

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. 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 $5.2 billion.

Eve announce partnership with Republic Airways and SkyWest
Eve Air Mobility also announced a Memorandum of Understanding and Letter of Intent to purchase up to 200 of Eve’s electric vertical takeoff and landing aircraft (eVTOL) to explore additional opportunities within its subsidiaries, such as LIFT Academy, that are focused on workforce development initiatives and the future of air travel. The strategic relationship will focus on developing a deployment network throughout the Central and East Coast markets of the United States, with an initial focus on the Boston, New York and Washington, D.C. markets.

In preparation for the first Urban Air Mobility (UAM) flights with Eve’s aircraft, the companies have agreed to establish a working group that will study the requirements of future AOCs (Airline Operating Certificates) where Eve’s aircraft can be deployed in specific markets and missions. This same working group will also examine the feasibility of additional services from other types of urban air vehicles, which could further expand access into new markets “Republic’s commitment to provide sustainable aviation solutions to our codeshare partners, American, Delta and United, relies on continued investments in both workforce development and emerging clean technologies. The strategic relationship with Eve builds upon decades of a successful relationship with Embraer that has expanded access to regional airports across the country, and we believe Eve’s UAM platform could play a critical role in our future workforce development initiatives,” said Bryan Bedford, President and CEO of Republic Airways.

Finally, Eve announced a Memorandum of Understanding and non-binding Letter of Intent for SkyWest to purchase 100 of Eve’s electric vertical takeoff and landing aircraft (eVTOL). The partnership will focus on developing a network of deployment throughout the United States. SkyWest and Eve have also committed to develop a portfolio of services-based capabilities to optimize eVTOL performance in key early adopter cities that will be prioritized for initial Urban Air Mobility operations. To support this effort, SkyWest and Eve plan to dedicate a team to focus on vehicle design, vertiport specifications, and the certification roadmap for eVTOL operations.

SkyWest has been an Embraer partner since 1986, bringing together the world’s largest regional airline operator and the world’s leading regional aircraft manufacturer. SkyWest, which operates Embraer’s commercial aircraft for major airline operators, chose Eve as its Urban Air Mobility partner due to its long record for certifying trusted aircraft for over 52 years. In addition to SkyWest’s LOI for 100 aircraft, both companies have agreed to form a working group to jointly evaluate the utilization of Eve’s next generation air traffic management and fleet operating solutions as the Urban Air Mobility industry prepares to scale over the next decade.

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