Beta stock jumps on motor deal with air taxi maker Eve Air Mobility

Beta Technologies Shares rise more than 9% after air taxi maker Eve Air Mobility announced Agreement worth up to $1 billion to purchase engines from the Vermont-based company.

Eve launched by Brazilian aircraft manufacturer Embrace and now under Havva HoldingHe said the production deal could be worth up to $1 billion over 10 years. The Florida-based company said it has a backlog of 2,800 vehicles.

Eve Holding’s shares gained 14 percent in value.

Eve CEO Johann Bordais called the deal a “major milestone” in the advancement of the company’s electric vertical takeoff and landing, or eVTOL, technology.

“Electric engine technologies will play a critical role in powering our aircraft during cruise and will support the maturity of our propulsion architecture as we move towards entry into service,” he said in a statement.