Shares of Beta Technologies soared over 9% after electric vertical takeoff and landing (eVTOL) aircraft manufacturer Eve Air Mobility announced a motor supply agreement potentially worth up to $1 billion with the Vermont-based company.

Originally launched by Brazilian aircraft manufacturer Embraer and now operating under Eve Holding, Eve Air Mobility stated this manufacturing agreement could total $1 billion over 10 years. The Florida-headquartered company also revealed it currently holds a backlog of 2,800 aircraft orders.

Eve Holding's stock rose 14% on the news.

Eve CEO Johann Bordais called the agreement a "critical milestone" in the company's eVTOL technology development. "Their electric motor technology will play a vital role in powering our aircraft during cruise phases, supporting propulsion system maturation as we progress toward operational deployment," he said in a statement.

Beta Technologies, whose investors include Amazon, completed its NYSE listing last month.

Like other air taxi manufacturers including Beta, Eve is racing to secure FAA certification to begin commercial passenger operations. This emerging but fiercely competitive industry is leveraging government partnerships and recent technology pilot programs announced by the Trump administration.

Competitors Archer Aviation and Joby Aviation are focusing heavily on Middle Eastern markets as testing grounds while collaborating with major defense contractors. Last month, Joby filed a trade secrets lawsuit against Archer.

Beta's stock currently trades more than 20% below its IPO closing price.