A $35 million fund is set to enable Eve Air Mobility to continue the development of its eVTOL aircraft.
The funding, courtesy of Brazil’s National Development Bank (BNDES), is said to further solidify its financial position in the development.
This second-phase funding follows a $92.5 million line of credit secured in 2022 for R&D and a recent $50 million investment from Citibank, both dedicated to supporting Eve’s eVTOL development program.
This second-phase investment from BNDES, sourced from the Climate Fund, will be allocated to manufacturing Eve’s conforming prototypes and, subsequently, the commercial vehicle. The fund will also be used for testing processes. BNDES has been a key partner of the company’s vision for AAM.
Johann Bordais, CEO of Eve, said; “The continued support from BNDES is highly significant as we advance our eVTOL program and transition from prototype development to certification and production readiness. This funding strengthens our financial position even more and provides the resources necessary to achieve our key milestones, including certification and the commercialization of our eVTOL.”
Eduardo Couto, CFO of Eve, added; “This investment is a vote of confidence in Eve’s vision and strengthens our leadership position in the AAM market. Our disciplined capital management and enhanced financial foundation provide the stability and resources necessary to execute our long-term strategic plan and deliver sustainable value to our shareholders as we bring our eVTOL to market and capitalize on the growing opportunities in this exciting industry.”
The National Civil Aviation Agency of Brazil (ANAC) recently published the final airworthiness criteria for Eve’s eVTOL, an important step towards type certification. This follows a public consultation period and allows Eve to proceed with defining the means of compliance for its eVTOL with ANAC.
President of BNDES, Aloizio Mercadante, added; “BNDES was instrumental in installing the eVTOL factory in Taubaté, guaranteeing quality jobs in the region. Now, we are financing the development of the aircraft itself. In addition to supporting an innovative project, we are investing in a disruptive technology industry that is also green, contributing to the strengthening of the national industry in the world market and to the energy transition. In total, the bank has already approved, this year, R$700 million for the production of Eve’s eVTOL.”
