Eve Urban Air Mobility now expects to raise nearly $600 million from its pending merger with Zanite Acquisition Corp. and subsequent IPO on the New York Stock Exchange. During a briefing for investors today, the eVTOL aircraft developer’s CFO, Eduardo Couto, said the deal—announced in December—has boosted the public investment in private equity (PIPE) by $42 million, to $347 million.

The transaction, expected to close by May, is also backed by $237 million from special purpose acquisition company Zanite, which is headed by aviation entrepreneur Kenn Ricci. Couto said the capital, potentially totaling $584 million, will derisk Eve’s plans to bring its four-passenger eVTOL into service in 2026.

Ricci said he sought a partnership with the Embraer subsidiary after considering “several dozen” other companies in the advanced air mobility (AAM) sector. He cited the core factors as Eve’s simplicity of its vehicle design, which he claimed will be easier to certify and manufacture.

“We also avoided any opportunity where companies wanted to build and operate the aircraft,” Ricci said. “It’s a bridge too far to be both the manufacturer and the airline. You are competing with your own customers and the capital needs to do both are just too high.”

Ricci also values the production and global customer support experience of Embraer, which will remain the majority shareholder in Eve with an 82 percent stake.

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