Eve Holding, formerly known as Zanite, has announced a business combination with Eve UAM, a subsidiary of Embraer.

Zanite has changed its name to Eve Holding and its securities voluntarily delisted from the Nasdaq, with its common stock to trade on the New York Stock Exchange under the symbols “EVEX and “EVEXW”.

Eve Holding Co-CEO Andre Stein said: “The funding provides Eve with growth capital and positions it to execute its development plans, aided by our ongoing strategic partnership with Embraer.”

Co-CEO Jerry DeMuro added: “I believe that our skilled team, world-class board and strategic global partnerships provide superior positioning for Eve to execute key development initiatives in our quest to deliver strong value for our stakeholders.”

An upsized $357 million private investment in public equity (PIPE) priced at $10.00 per share includes $185 million from Embraer, $25 million from Zanite’s sponsor and $147 million from a consortium of leading financial and strategic investors including Acciona, Azorra Aviation, BAE Systems, Bradesco, Falko Regional Aircraft, Republic Airways, Rolls-Royce, SkyWest, Space Florida and Thales USA.

White & Case served as legal advisor to Zanite, while Jefferies, BTIG, and Cowen & Company served as financial advisors to Zanite.

Skadden, Arps, Slate, Meagher & Flom and Mattos Filho, Veiga Filho, Marrey e Quiroga Advogados served as legal advisors to Embraer. Raymond James & Associates and Banco Santander (Brasil), Banco Bradesco BBI and Banco Itaú International served as financial advisors to Eve.

In March, Eve Air Mobility and Acciona announced a strategic partnership to accelerate the development of a global Urban Air Mobility ecosystem, whereby Acciona will invest $30 million.

Last June, Eve Urban Air Mobility and Skyports formed a partnership to develop urban air mobility (UAM) solutions in Asia and the Americas, with a focus on vehicle-vertiport operations in a relationship that began in early 2020 while Eve was incubated at EmbraerX.