Brazil’s National Development Bank (BNDES) has agreed to loan Eve Air Mobility US$ 88 million to develop its electric vertical take-off and landing (eVTOL) aircraft production facility in Taubaté.
“We are profoundly grateful for the continued support and confidence that BNDES has shown in Eve as we advance in our mission to reimagine mobility through efficient and sustainable urban flight experiences,” said Johann Bordais, CEO of Eve Air Mobility. This financing will be instrumental in setting up our eVTOL manufacturing facility, which will be not only the first of its kind in Brazil but also powered by clean, renewable energy, aligned with our commitment to sustainability.”
BNDES has a Mais Inovação programme, with the initiative to support innovative projects, with Eve Air Mobility’s eVTOL aiming to decarbonise air travel and develop the urban air mobility market. The facility that Eve Air Mobility aims to expand is hoped to output 480 aircraft a year, based on a site with four modules, each producing 120 aircraft a year.
“This financing strengthens Eve’s robust cash position by adding long-term financing aligned with our company profile,” commented Eduardo Couto, CFO of Eve. “As we advance our eVTOL programme development and manufacturing efforts, our focus remains on delivering long-term value for our shareholders with an optimal capital structure mixing equity and debt.”
The company currently has letters of intent (LOI) for 2,900 eVTOLs from customers in 13 countries, representing a potential $14.5 billion in sales. In 2022, Eve Air Mobility received $92.5 million in credit from BNDES to develop the eVTOL programme.
“The financing reinforces the commitment of President Lula’s government to support innovative projects in Brazilian industry, such as air mobility, which uses high technological intensity,” explained the bank’s President, Aloizio Mercadante. “The BNDES has the necessary instrument to provide international competitiveness to domestic companies, which is the BNDES Mais Inovação programme, which has already approved BRL 8 billion in credits since 2023.”
The loan follows the announcement in August that Eve Air Mobility saw a US$ 36.4 million net loss in Q2 2024 due to high research and development costs.
Image: Eve Air Mobility
