NJDCY - Nidec and Embraer receive approval for JV to develop electric propulsion system

2023-10-06 04:34:50 ET

• Japan’s Nidec ( OTCPK:NJDCY ) and Brazil’s Embraer ( NYSE: ERJ ) received approval from all necessary regulatory authorities for the establishment of their joint venture, Nidec Aerospace LLC.
• Vincent Braley, chief of staff for Nidec’s Motion and Drives business in the United States, has been appointed the CEO of Nidec Aerospace with immediate effect.
• Unveiled at the Paris Air Show in June, the business combination aims to unlock new opportunities by providing an agnostic portfolio of products and services worldwide, driven initially by the growth of the Urban Air Mobility industry.
• The joint venture Electric Propulsion System launch customer will be the eVTOL manufacturer Eve Air Mobility ( NYSE: EVEX ) ( EVEXW ).
• Nidec Aerospace is expected to invest more than $77.7 million by 2026 and start mass production in 2026.
• Source: Press Release

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