Eve obtained financing of US$50 million, approximately R$288 million, from Citibank to strengthen its balance sheet and support the development of its electric vertical takeoff and landing (eVTOL) aircraft.
The company, controlled by Embraer, is one of several startups developing battery-powered aircraft capable of taking off and landing vertically, designed to serve short trips within cities and, thus, contribute to reducing congestion.
The company expects its eVTOL to clear regulatory procedures and enter service in 2026. To date, EVE estimates around 3,000 potential orders and potential revenue of US$14.5 billion before production even begins.
Citi’s financing comes after Eve secured another R$88 million line of credit this month from the National Bank for Economic and Social Development (BNDES) to develop its first production unit, in Taubaté (SP).
“Eve continues to consolidate the confidence of new investors, a reflection of the consistency of our strategic plan and the significant interest of customers in our aircraft,” said Eve’s financial director, Eduardo Couto, in a statement.
In July, Eve had already raised another US$95.6 million in equity from a group of investors that includes Embraer and Japan’s Nidec.
The new financing agreed with Citi increases Eve’s projected liquidity to around US$480 million, according to the company. Increase of US$ 140 million since the end of the second quarter.
“The recent financing, combined with our current cash and credit lines, ensures that Eve maintains robust capitalization, with a healthy balance sheet and one of the highest cash availability in the advanced air mobility sector,” said Couto.
Eve debuted on the New York Stock Exchange in May 2022, raising about $400 million to develop and produce its eVTOL.
