Eve Air Mobility (“Eve”), a global manufacturer and service provider of electric vertical take-off and landing (eVTOL) aircraft, has announced a significant $50 million loan from Citibank N.A. This funding will enhance Eve’s balance sheet and support the company’s aircraft research and development program.
With this new loan, Eve’s pro-forma liquidity for the second quarter of 2024 is projected to rise to approximately $480 million. This figure includes a recently announced $95.6 million in equity financing secured in July 2024 from a diverse group of global industrial companies and financial investors. Additionally, Eve has finalized an $88 million credit line agreement with Brazil’s National Development Bank (BNDES) to fund 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,” said Eduardo Couto, Chief Financial Officer at Eve Air Mobility. “The bank loan, along with existing cash and credit lines, ensures that Eve remains well capitalized with a comfortable balance sheet and with 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 boasts the AAM industry’s largest pre-order book, with letters of intent for 2,900 aircraft. The company also benefits from a diverse group of suppliers and program development partners, backed by Embraer, the world’s third-largest aircraft manufacturer, creating attractive opportunities for both strategic and financial investors.
Eve’s eVTOL aircraft features eight dedicated propellers for vertical flight and fixed wings for cruise, allowing for seamless transitions during flight. The design includes an electric pusher powered by dual electric motors, ensuring propulsion redundancy for optimal performance and safety. The aircraft is engineered for lower operating costs, fewer parts, and efficient thrust with minimal noise.
This past summer, Eve unveiled its first full-scale eVTOL prototype at the Farnborough Air Show, with plans underway for a comprehensive test campaign. Concurrently, the company is developing a wide array of agnostic services and operational solutions, including Vector, a unique Urban Air Traffic Management software designed to optimize and scale AAM operations globally.
