Airline signs purchase agreement for up to 400
eVTOL aircraft from Eve aiming to revolutionize commuter experience
in cities around the world
CHICAGO, Sept. 8,
2022 /PRNewswire/ -- United today announced a
$15 million investment in Eve Air
Mobility and a conditional purchase agreement for 200 four-seat
electric aircraft plus 200 options, expecting the first deliveries
as early as 2026. This marks another significant investment from
United in flying taxis – or eVTOLs (electric vertical take-off and
landing vehicle) – that have the potential to revolutionize the
commuter experience in cities around the world. Under the terms of
the agreement, the companies intend to work on future projects,
including studies on the development, use and application of Eve's
aircraft and the urban air mobility (UAM) ecosystem.
"United has made early investments in several cutting-edge
technologies at all levels of the supply chain, staking out our
position as a leader in aviation sustainability and innovation,"
said Michael Leskinen, President of
United Airlines Ventures. "Today, United is making history
again, by becoming the first major airline to publicly invest in
two eVTOL companies. Our agreement with Eve highlights our
confidence in the urban air mobility market and serves as another
important benchmark toward our goal of net zero carbon emissions by
2050 – without using traditional offsets. Together, we believe our
suite of clean energy technologies will revolutionize air travel as
we know it and serve as the catalyst for the aviation industry to
move toward a sustainable future."
"United's investment in Eve reinforces the trust in our products
and services and strengthens our position in the North American
market," said Andre Stein, co-CEO of
Eve. "I am confident that our UAM agnostic solutions, coupled with
the global know-how we have been developing at Eve and Embraer's
heritage, are the best fit for this initiative, giving United's
customers a quick, economical and sustainable way to get to its hub
airports and commute in dense urban environments. It is an
unparalleled opportunity to work with United to advance the US UAM
ecosystem, and we look forward to it."
United was the first major U.S. airline to create a corporate
venture fund, United Airlines Ventures (UAV), designed to support
the company's 100% green commitment to reach net zero emissions by
2050 without the use of traditional offsets. Through UAV, United
has led the industry in investments in eVTOL and electric aircraft,
hydrogen fuel cell engines, and sustainable aviation fuel. Last
month, United gave a $10 million
deposit to a California-based
eVTOL company for 100 aircraft.
United's investment in Eve was driven in part by confidence in
the potential growth opportunities in the UAM market and Eve's
unique relationship with Embraer, a trusted aircraft manufacturer
with a proven track record of building and certifying aircraft over
the company's 53-year history. Critically, their relationship
includes access to Embraer's service centers, parts warehouses and
field service technicians, paving the way for a reliable operation.
Upon entry into service, United could have its entire eVTOL fleet
serviced by Eve's agnostic service and support operations.
Moreover, United joins the consortium led by Eve, which will
simulate UAM operations in Chicago from Sept.
12.
Rather than relying on traditional combustion engines, eVTOL
aircraft are designed to use electric motors, providing carbon-free
flights and to be used as 'air taxis' in urban markets. Eve's
design uses conventional fixed wings, rotors and pushers, giving it
a practical and intuitive lift-plus-cruise design, which favors
safety, efficiency, reliability and certifiability. With a range of
60 miles (100 km), its vehicle has the potential not only to offer
a sustainable commute but also to reduce noise levels by 90 percent
compared to current conventional aircraft. Eve is also creating a
new air traffic management solution designed for the UAM industry
to scale safely. This software is intended to perform at the same
safety level as Embraer's existing air traffic management software
and expected to be a strategic asset to helping the entire industry
grow.
About United
United's shared purpose is "Connecting People. Uniting the
World." From our U.S. hubs in Chicago, Denver, Houston, Los
Angeles, New
York/Newark, San Francisco and Washington, D.C., United operates the most
comprehensive global route network among North American carriers.
United is bringing back our customers' favorite destinations and
adding new ones on its way to becoming the world's best airline.
For more about how to join the United team, please visit
www.united.com/careers and more information about the company is at
www.united.com. United Airlines Holdings, Inc., the parent company
of United Airlines, Inc., is traded on the Nasdaq under the symbol
"UAL".
About Eve
Eve is dedicated to accelerating the Urban Air Mobility
ecosystem. Benefitting from a start-up mindset, backed by Embraer
S.A.'s more than 50-year history of aerospace expertise, and with a
singular focus, Eve is taking a holistic approach to progressing
the UAM ecosystem, with an advanced eVTOL project, comprehensive
global services and support network and a unique air traffic
management solution. Since May 10,
2022, Eve is listed on the New York Stock Exchange, where
its shares of common stock and public warrants trade under the
tickers "EVEX" and "EVEXW". For more information, please visit
www.eveairmobility.com.
United Cautionary Statement Regarding
Forward-Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements that are not statements of historical facts
are, or may be deemed to be, forward-looking statements. Such
forward-looking statements are based on historical performance and
current expectations, estimates, forecasts and projections about
our future financial results, goals, plans, commitments, strategies
and objectives and involve inherent risks, assumptions and
uncertainties, known or unknown, including internal or external
factors that could delay, divert or change any of them, that are
difficult to predict, may be beyond our control and could cause our
future financial results, goals, plans and objectives to differ
materially from those expressed in, or implied by, the statements.
These risks, assumptions, uncertainties and other factors include,
among others, any delay or inability of United Airlines to realize
the expected benefits of the proposed transaction. No
forward-looking statement can be guaranteed. Forward-looking
statements in this press release should be evaluated together with
the many risks and uncertainties that affect United's business and
market, particularly those identified in the "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and "Risk Factors" sections in United's Annual Report
on Form 10-K for the year ended December 31,
2021, as updated by our subsequent Quarterly Reports on Form
10-Q, Current Reports on Form 8-K and other filings with the
Securities and Exchange Commission. The forward-looking statements
included in this document are made only as of the date of this
document and except as otherwise required by applicable law or
regulation, United undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, changed circumstances or otherwise.
Eve Cautionary Statement Regarding
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target", "may",
"intend", "predict", "should", "would", "predict", "potential",
"seem", "future", "outlook" or other similar expressions (or
negative versions of such words or expressions) that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but
are not limited to, statements regarding the expectations of
Eve Holding, Inc. ("Eve") with
respect to its future performance. These statements are based on
various assumptions, whether or not identified herein, and on the
current expectations of Eve's management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and may differ from assumptions, and such
differences may be material. Many actual events and circumstances
are beyond the control of Eve. These forward-looking
statements are subject to a number of risks and uncertainties,
including, among others: (i) any delay or inability of Eve or
United Airlines to realize the expected benefits of the proposed
transaction; (ii) changes in domestic and foreign business, market,
financial, political and legal conditions; (iii) risks relating to
the uncertainty of the projected financial information with respect
to Eve; (iv) the outcome of any legal proceedings that may be
instituted against Eve; (v) future global, regional or local
economic and market conditions, including the growth and
development of the urban air mobility market; (vi) the development,
effects and enforcement of laws and regulations; (vii) Eve's
ability to grow and manage future growth, maintain relationships
with customers and suppliers and retain its key employees; (viii)
Eve's ability to develop new products and solutions, bring them to
market in a timely manner, and make enhancements to its platform;
(ix) Eve's ability to successfully develop, obtain certification
for and commercialize its aircraft, (x) the effects of competition
on Eve's future business; (xi) the outcome of any potential
litigation, government and regulatory proceedings, investigations
and inquiries; (xi) the impact of the global COVID-19 pandemic and
(xii) those factors discussed in Eve's Registration Statement on
Form S-1/A filed on August 25, 2022
under the heading "Risk Factors," and other documents of Eve filed,
or to be filed, with the SEC. If any of these risks materialize or
our assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. There may be additional risks that Eve does not
presently know or that Eve currently believes are immaterial that
could also cause actual results to differ from those contained in
the forward-looking statements. In addition, forward-looking
statements reflect Eve's expectations, plans or forecasts of future
events and views as of the date of this press release. Eve
anticipates that subsequent events and developments will cause
Eve's assessments to change. However, while Eve may elect to update
these forward-looking statements at some point in the future, Eve
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Eve's assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
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SOURCE United Airlines