Beta Technologies shares rose over 8% after Eve Air Mobility announced a deal to buy up to US$1 billion worth of electric motors from the Vermont-based company over the next 10 years.

Eve Air Mobility, a Florida-based air taxi manufacturer founded by Embraer, said the agreement supports its efforts to launch electric vertical takeoff and landing (eVTOL) vehicles.

Eve reported a production backlog of 2,800 vehicles, and its shares rose 12% after the announcement.

Beta went public on the New York Stock Exchange in November but has seen its stock drop more than 20% since its debut.

Both companies are among several in the eVTOL sector seeking Federal Aviation Administration approval for commercial operations.

🔗 Source: CNBC

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