Citibank N.A. has approved a $50 million loan for eVTOL manufacturer Eve Air Mobility to support company’s aircraft research and development program.
With this additional loan, Eve’s 2Q24 pro-forma liquidity increases to ~$480 million, when combined with recently announced $95.6 million in equity financing from a diverse group of global industrial companies and financial investors in July 2024.
Eve also recently announced a new $88 million credit line agreement with Brazil’s National Development Bank (BNDES) to fund the development of the company’s aircraft production facility in Taubaté, in the state of São Paulo, Brazil.
Eduardo Couto, Chief Financial Officer at Eve Air Mobility, said; “Eve continues to attract new investors, a sign of the continued confidence in our strategic plan, strong customer interest in our eVTOL aircraft, services, operations solutions and our Vector urban air traffic management software solution.
“The bank loan, along with existing cash and credit lines, ensures that Eve remains well capitalized with a comfortable balance sheet and with one of the highest cash runways in the advanced air mobility (AAM) industry. We are continuing to advance in the development and manufacturing of our eVTOL.”
With the AAM industry’s largest pre-order book with letters of intent for 2,900 aircraft, a diverse group of suppliers and program development partners and the backing of Embraer, Eve continues to demonstrate attractive opportunities for both strategic and financial investors.
