Brazilian aviation manufacturer, Embraer, is looking to take some of its cargo load off as news has come out its EV aircraft subsidiary, Eve, is about to be listed. The subsidiary is looking at a SPAC merger that’ll see it listed on the New York Stock Exchange and values Eve at $2.9b.

The company will start trading under the ticker ‘EVEX’ with $512m in cash reserves and a debut by mid-2022. Eve was started under Embraer’s umbrella as a way to develop an alternative to traditional air travel — the subsidiary manufactures electrically-powered aircraft and targets affordable urban air transportation to reduce global carbon emissions.

Aside from the love that investors show ESG stocks like Eve, the company also has an order pipeline worth $5b in its favor. Embraer will still own 80% of the equity post-listing, and the listing aims to provide Eve with the cash to become an airline of its own as opposed to just an aircraft supplier.