Electric aerial vehicle (EAV) maker Eve Air Mobility has secured an $88 million loan from the Brazil National Development Bank (BNDES) to fund the development of its eVTOL (electric vertical takeoff and landing) vehicle production facility. The manufacturing plant will be located in Taubaté, São Paulo, Brazil, and represents a significant step in Eve’s development.
This new loan follows a $92.5 million line of credit provided by BNDES in 2022 to support the development of Eve’s eVTOL program. Eve’s eVTOL features eight propellers for vertical flight, fixed wings for cruising, and offers a range of 60 miles. Johann Bordais, CEO of Eve, expressed gratitude for the support from BNDES, stating that the funding would help set up the company’s first eVTOL manufacturing facility in Brazil, powered by renewable energy.
Eve has made substantial progress, recently unveiling a full-scale prototype at the Farnborough Airshow and selecting its primary suppliers. With pre-orders for 2,900 vehicles, the company is preparing to enter its testing phase, which will include flight and safety tests.
Eve Air Mobility, which was spun out from Embraer’s innovation division, is expected to launch its flying taxi service in 2026. The company is leveraging Embraer’s extensive global network for support and service. Eve has also secured a $94 million investment from various investors, including a $20 million investment from Nidec Aerospace, which supplies the electric propulsion system for Eve’s vehicles.
In addition to its Brazilian operations, Eve is planning services in multiple countries, including Japan, where AirX Inc. has signed a letter of intent to purchase up to 50 EAVs. Eve is also collaborating with UrbanX in Miami to launch eVTOL commuter flights by 2026, and is exploring partnerships with low-cost carriers, such as Saudi Arabia’s Flynas and Korea’s Jeju Air.
