Eve secures $50 million in financing to advance eVTOL development
Eve Air Mobility, Embraer’s subsidiary that develops electric vertical takeoff and landing (eVTOL) aircraft, announced a $50 million financing obtained from Citibank N.A.
This new investment will be allocated to the aircraft’s research and development program, contributing to the expansion of the technology portfolio and consolidating Eve’s position in the Advanced Air Mobility (AAM) sector.
With the additional amount, Eve’s projected liquidity for the second quarter of 2024 will increase to approximately $480 million. The amount considers the $95.6 million investment, raised in July 2024, from a diverse group of industrial and financial investors.
Eve also recently signed an agreement with the Brazilian Development Bank (BNDES), which granted it an $88 million line of credit for the development of its production complex in Brazil.
“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,” said Eduardo Couto, chief financial officer at Eve Air Mobility.
According to Couto, the recent financing, combined with the company’s current cash and credit lines, ensures that Eve maintains one of the strongest capitalizations in the AAM sector, essential for the development and production of its eVTOL.
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