On Friday, Eve UAM, a subsidiary of Brazilian aerospace company Embraer, and Spanish renewable energy infrastructure Acciona announced a strategic partnership to speed the development of a global, sustainable Urban Air Mobility ecosystem. The partnership will take effect following Eve’s previously announced business combination with U.S.-listed SPAC Zanite Acquisition Corp, a deal expected to culminate in Eve’s listing on the NYSE during the second quarter of 2022. Acciona will invest $30 million in the company, with Acciona Chairman and CEO José Manuel Entrecanales joining Eve’s seven-member Board of Directors.
“Whether we like it or not, the world’s population is increasingly concentrating in larger cities. Keeping the climate footprint of these urban areas at bay is one of the greatest challenges of the decarbonization process we are all engaged in,” Acciona’s José Manuel Entrecanales said in a comment on the partnership. “Urban air transport models such as the one proposed by Eve can be very useful when considering different sustainable mobility solutions. Participating in a project as innovative as Eve will allow us to continue advancing along that path.”
“Our agreement with Acciona reinforces Eve’s commitment to delivering a sustainable UAM ecosystem, which includes not only our zero-emission eVTOL – electric vertical takeoff and landing vehicle – but also the green infrastructure that will support this new way of transport. Its capability to build these infrastructures, added to its top credentials in sustainability, bring essential skills and expertise to the business that will help us to maintain our distinction in the market,” added André Stein, co-CEO of Eve.
The partnership will also benefit novel industrial initiatives in the development of a sustainable UAM ecosystem, including vertiports, power purchase agreements, battery charging solutions, and handling. According to Acciona Group, 93 percent of of its 2021 investments were aligned with the European Union‘s taxonomy for sustainable activities. The company prevented the emission of 13.4 million tons of CO2 (an increase of 1.5 percent) during the year, ending that period as the most sustainable electricity company in Spain and the second most sustainable worldwide, according to S&P Global’s Sustainability Yearbook 2022.
In December 2021, Eve announced plans to list on NYSE through a business combination with Zanite Acquisition Corp., a special purpose acquisition company (SPAC) focused on the aviation sector. Upon the closing of that transaction, Zanite will change its name to Eve Holding, Inc. and its common stock and warrants will trade on NYSE under the new ticker symbols “EVEX” and “EVEXW.” To date, Eve has attracted a group of complementary strategic investors with diverse capabilities in the Urban Air Mobility (UAM) ecosystem, including fixed-wing operators (Republic Airways and SkyWest), aircraft lessors (Azorra and Falko), financing (Bradesco BBI) and technology (Rolls-Royce and Thales) providers, as well as players in the defense industry (BAE Systems).
The Zanite combination values Eve at an implied enterprise value of $2.4 billion. Embraer will remain a majority stockholder with an approximately 82 percent equity stake in Eve Holding following the closing of the business combination.
