Eve Air Mobility, the flying taxi company founded by Brazilian aircraft manufacturer Embraer, has secured $150 million in debt financing from a consortium of banks, lifting its total capital raised to $1.2 billion as it steps up development of its electric air taxi.
The five-year loan was provided by a group comprising Itaú, Banco do Brasil, Citibank and Mitsubishi UFJ Financial Group, Eve said. The funding will support research and development, certification efforts and the build-out of an integrated urban air mobility ecosystem.
See also: Eve Air Mobility Taps Beta Technologies for eVTOL Pusher Motors in $1 Billion Deal
“This successful debt raise represents a significant milestone for Eve and a strong endorsement of our leadership in shaping the future of urban air mobility,” said Eduardo Couto, adding that the financing would provide long-term resources to advance development and execute the company’s roadmap through 2028 and beyond.
The funding follows Eve’s announcement late last year that it had completed the first flight of its full-scale unmanned electric vertical take-off and landing (eVTOL) prototype at Embraer’s test site in Gavião Peixoto, in São Paulo state. The aircraft, known simply as “Eve,” is the company’s first production-intent design and forms the basis of its planned commercial operations.
See also: Future Flight Global Signs LOI with Eve Air Mobility for 54 eVTOL Aircraft
Eve’s eVTOL is designed to operate initially with a pilot and up to four passengers, before transitioning to autonomous operations carrying up to six passengers, subject to regulatory approval. The aircraft uses a fly-by-wire control system, features eight rotors and a pusher motor supplied by Beta Technologies, and is designed for speeds of about 200 km per hour and a range of roughly 100 kilometres.
Eve plans to build six conforming prototypes for its flight-test and certification programme and is working closely with Brazil’s aviation regulator, the ANAC. The company expects to achieve type certification, begin deliveries and start commercial operations in 2027.
See also: Eve Air Mobility Secures $50 Million Loan for Aircraft Research and Development
Globally, no company has yet brought eVTOL aircraft to market at scale. China’s EHang is currently the most advanced, having obtained type and production certificates and launched limited commercial flights. In the United States, Joby Aviation, Archer Aviation and Beta Technologies are moving toward market entry, while Europe has seen setbacks with German startups Lilium and Volocopter entering insolvency proceedings.
