Eve Air Mobility, a manufacturer of electric vertical takeoff and landing (eVTOL) aircraft and a global provider of urban air mobility (UAM) services, announced $50 million in financing from Citibank. This capital, which will strengthen Eve’s balance sheet, will support the company’s aircraft research and development program.
With the addition of this amount, Eve’s projected liquidity for the second quarter of 2024 reaches approximately $480 million. This amount includes a recent $95.6 million contribution from a diverse set of global industrial companies and financial investors, announced in July 2024. Additionally, Eve recently established a new credit line agreement of R$500 million with BNDES, directed toward the development of the company’s aircraft production complex in Taubaté, São Paulo.
Additional information about the loan is available in the 8-K Form, submitted by Eve to the Securities and Exchange Commission (SEC) on October 29.
“Eve continues to build the trust of new investors, reflecting the consistency of our strategic plan and significant customer interest in our aircraft, services, and operational solutions, as well as in Vector, our urban air traffic management software,” says Eduardo Couto, Eve’s CFO. “The recent financing, together with our current cash and credit lines, ensures that Eve maintains robust capitalization, with a healthy balance sheet and one of the largest cash availabilities in the advanced air mobility (AAM) sector. We remain committed to the development and production of our eVTOL.”
With the industry’s largest backlog, including letters of intent for up to 2,900 eVTOLs, a diverse group of suppliers and partners in program development, and support from Embraer, the world’s third-largest aircraft manufacturer, Eve continues to stand out on the radar of strategic and financial investors.
Eve’s eVTOL uses a Lift + Cruise configuration with dedicated rotors for vertical flight and fixed wings for cruising, with no position change of these components during flight. The latest design includes a rear electric thruster powered by dual electric motors, providing propulsion redundancy to ensure high performance and safety. In addition to offering several advantages, such as low operating costs, fewer parts, optimized structures, and systems, it was developed to provide efficient thrust with low noise.
The company presented its first full-scale prototype last semester at the Farnborough Air Show in the United Kingdom. Currently, the company is preparing for a comprehensive testing campaign with the aircraft. In parallel, Eve continues to develop its portfolio of services and operational solutions, including Vector, an Urban Air Traffic Management software to optimize and expand Advanced Air Mobility operations worldwide.
Source: Eve
Highlights from the last edition:
