Eve Air Mobility, Embraer’s subsidiary focused on urban air mobility, announced an $88 million financing agreement with the Brazilian Development Bank (BNDES).
The funds will be used to build and develop the plant for its electric vertical takeoff and landing (eVTOL) aircraft in Taubaté, a city close to Embraer’s headquarters.
This is the second credit line from BNDES for the startup, which had already approved a US$92.5 million credit line in 2022 to foster Eve’s eVTOL development program.
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“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. 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,” said Johann Bordais, CEO of Eve.
Eve plans to produce 480 electric aircraft per year in Brazil, but capacity will be gradually reached in four phases, each with 120 aircraft per year.
The “flying taxi” uses eight rotors and is electric propulsion
The company claims to have letters of intent for 2,900 eVTOLs from 30 customers in 13 countries, representing a potential $14.5 billion in revenue.
The prototype of the EVE-100, as the electric aircraft may be called, was revealed in July this year in static form, while the first functional units are expected to be ready in 2026.
Eve’s eVTOL uses eight dedicated rotors for vertical flight, powered by an electric thruster with dual electric motors, which provide propulsion redundancy, and has fixed wings for flying in cruise, without any change in the position of these components during flight.
The company said the first flight of the unmanned prototype should occur in 2024.
