EVE management participated in ceremony at the New York Stock Exchange (NYSE) on May 10, 2022 by ringing the opening bell in celebration of the public listing. The common stock offering opened at an initial market price of $10.28 and, as of now, trades at approximately $6.60.
Since the public listing, EVE has continued its strategic expansion efforts, announcing partnerships with Porsche Consulting to define eVTOL global strategy and with Kenya Airways to purchase 40 eVTOL Aircraft.
“Today, we celebrate a historic milestone in a journey that we began nearly five years ago in EmbraerX, the market accelerator of Embraer, a leader in the global aviation industry,” said André Stein, Co-CEO of Eve, on the day of the public listing. “This transaction is a key enabler of our mission to become a leading player in a potential $760 billion UAM addressable market, and we thank the entire team at Eve and Embraer for all of their hard work, and our partners at Zanite as well as our other investors for their support,” he said.
Eve has created a comprehensive, practical and capital-efficient UAM solution spanning electric vertical take-off and landing (eVTOL) vehicle design and production, service and support, fleet operations and urban air traffic management (UATM).
Meanwhile, Eve’s strategic partnership with Embraer includes a royalty-free license to Embraer’s background IP to be used within the UAM market as well as access to thousands of skilled Embraer employees on a flexible, first priority basis and use of Embraer’s global infrastructure. The strategic alignment with Embraer also provides Eve with important cost and execution advantages as it seeks to scale its UAM solution globally.
“We believe Eve is uniquely positioned to develop, certify and commercialize our UAM solutions on a global scale,” said Jerry DeMuro, Co-CEO of Eve. “Our pipeline of launch orders for 1,825 vehicles secured via non-binding letters of intent from 19 customers consists of industry leaders who also invested in Eve, including Azorra Aviation, Falko Regional Aircraft, Republic Airways and SkyWest, and provides powerful validation of our business strategy and vision.”
Why it’s important: Eve has expressed its dedication to accelerating the UAM ecosystem and benefits from a startup mindset, backed by Embraer’s more than 50-year history of aerospace expertise. With a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, a comprehensive global services and support network, and a unique air traffic management solution. The closing of the business combination generated $377 million of gross proceeds, which will be used to accelerate the development, certification and commercialization of Eve’s comprehensive UAM solution.
Source // EVE press release