Eve Air Mobility Secures $50 Million Loan for Aircraft Research and Development

Eve Air Mobility has announced the acquisition of a $50 million loan from Citibank to strengthen its balance sheet and support its aircraft research and development program. This loan will increase Eve’s pro-forma liquidity for the second quarter of 2024 to approximately $480 million when combined with $95.6 million in equity financing secured in July 2024 from various global industrial companies and financial investors. The company also established a new $88 million credit line agreement with Brazil’s National Development Bank (BNDES) for the development of its aircraft production facility in Taubaté, São Paulo.

“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,” stated Eduardo Couto, Chief Financial Officer at Eve Air Mobility. “The bank loan, along with existing cash and credit lines, ensures that Eve remains well capitalised with a comfortable balance sheet and 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.”

Eve holds the largest pre-order book in the AAM industry, with letters of intent for 2,900 aircraft, supported by a diverse network of suppliers and program development partners. The company is also backed by Embraer, the world’s third-largest aircraft manufacturer.

Eve’s eVTOL aircraft features eight dedicated propellers for vertical flight and fixed wings for cruising, designed to allow for seamless transitions during flight. The aircraft is powered by dual electric motors that provide propulsion redundancy to enhance performance and safety. The design aims to reduce operational costs, minimize components, and optimize structures while achieving efficient thrust with low noise levels.

The company unveiled its first full-scale eVTOL prototype at the Farnborough Air Show this past summer and is preparing for a comprehensive test campaign. Additionally, Eve is developing a portfolio of agnostic services and operations solutions, including Vector, an Urban Air Traffic Management software intended to optimize and scale Advanced Air Mobility operations globally.