Eve UAM, the company set up by aircraft manufacturer Embraer to develop urban air mobility solutions, has completed its planned merger with special purpose acquisition company Zanite. The common stock and public warrants of the combined company, which has been renamed Eve Holding Inc, are now trading on the New York Stock Exchange.

Andre Stein, co-CEO of Eve Holding, said: “The successful completion of this transaction is an important milestone, providing capital and strategic support for Eve to play a pivotal role in accelerating the global UAM ecosystem. The funding raised through the transaction provides Eve with growth capital and positions Eve well to execute its development plans, aided by our ongoing strategic partnership with Embraer.

“We intend to further strengthen our position as a leading global UAM player by delivering an effective and sustainable new mode of urban transportation.”

The company’s other co-CEO, Jerry DeMuro, added: “The closing of this transaction sets us on a path to further develop and commercialise our comprehensive UAM solution. I believe that our skilled team, world-class board and extensive strategic global partnerships provide superior positioning for Eve to execute on key development initiatives in the years ahead, in our quest to deliver strong value creation for our stakeholders.”

Embraer has a major stake in the new company. The merger deal included a private investment in public equity (PIPE) of US$357 million, with Embraer contributing $185 million of that sum.

Another $147 million came from a consortium of leading financial and strategic investors, including Acciona, Azorra Aviation, BAE Systems, Bradesco BBI, Falko Regional Aircraft, Republic Airways, Rolls-Royce, SkyWest, Space Florida and Thales USA. The rest came from Zanite’s sponsor.

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