Eve Air Mobility secures $35 Million in funding from Brazil’s BNDES to advance eVTOL development
Embraer spin-off Eve Air Mobility (Eve) has received a $35 million funding from Brazil’s National Development Bank (BNDES), further strengthening its financial position for the ongoing development of electric vertical take-off and landing (eVTOL) aircraft.
This second-phase investment, sourced from the BNDES Climate Fund, will support the manufacturing of the company’s conforming prototypes and commercial vehicle, as well as the testing processes required for certification and production readiness.
It follows a $92.5 million line of credit secured in 2022 for research and development and a recent $50 million investment from Citibank, both dedicated to Eve’s eVTOL programme.
“The continued support from BNDES is highly significant as we advance our eVTOL programme and transition from prototype development to certification and production readiness,” said Johann Bordais, CEO of Eve.
“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.”
On his part, Eduardo Couto, CFO of Eve, emphasised the strategic importance of the funding.
“This investment is a vote of confidence in Eve’s vision and strengthens our leadership position in the AAM [Advanced Air Mobility] 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,” he noted.
Progress toward certification
Furthermore, the National Civil Aviation Agency of Brazil (ANAC) recently published the final airworthiness criteria for Eve’s eVTOL aircraft.
This significant step towards type certification allows the company to move forward with defining the means of compliance for its aircraft in collaboration with ANAC.
BNDES President Aloizio Mercadante highlighted the broader impact of the funding, stating, “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.”
He added, “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.”
Eve currently holds the industry’s largest backlog, with letters of intent for 2,900 eVTOL aircraft, representing a potential $14.5 billion in revenue from 30 customers across 13 countries.
Moreover, at the Future Aviation Forum held in Riyadh in May, the company signed a memorandum of agreement (MoA) with Saudia Technic, the engineering arm of the Saudia group, to explore the potential demand for eVTOL maintenance, repair, and overhaul (MRO) activities in the region.