Eve Announces “Additional USD35 Million Funding from BNDES” for eVTOL Development

2 December 2024 Chris Stonor

Eve Air Mobility announced this week an additional USD35 million funding from Brazil’s National Development Bank (BNDES), further solidifying the eVTOL company’s financial position for continued aircraft development, reports a press release. BNDES has been a key partner of the company’s vision for Advanced Air Mobility (AAM).

This second-phase of financing follows a USD92.5 million line of credit secured in 2022 for Research and Development from the Bank, as well as a recent USD50 million investment from Citibank, both dedicated to supporting Eve’s eVTOL development program.

The BNDES money, sourced from the Climate Fund, will be allocated to manufacturing Eve’s conforming prototypes and, subsequently, the commercial vehicle. The funding will also be used “for testing processes.”

Johann Bordais, CEO of Eve, commented, “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 commercialisation of our eVTOL.”

Johann Bordais

Eduardo Couto, CFO of Eve, added, “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 the Eve eVTOL to market.”

Eve takes advantage of its parent company, Embraer, and its 55 years of experience in designing, certifying and manufacturing state-of-the-art aircraft. Its customers will also benefit from having access to an existing global service and support network, which is critical to ensuring reliable, safe, and efficient UAM operations.

Aloizio Mercadante, BNDES President, remarked, “The Bank 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 total, the bank has already approved, this year, BRL700 million for the production of Eve’s eVTOL.”

The National Civil Aviation Agency of Brazil (ANAC) recently published the final airworthiness criteria for Eve’s aircraft, an important step towards type certification. This follows a public consultation period and allows the company to proceed with defining the means of compliance for its eVTOL with ANAC.

For more information

https://www.eveairmobility.c om

https://www.bndes.gov.br/wps/portal/site/hom e

(Top image: Eve Air Mobility)

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