Eve Air Mobility and Yugo Sign Memorandum of Understanding to Study Potential for Urban Air Mobility Operations in Southeast Asia

Eve Air Mobility and Yugo Sign Memorandum of Understanding to Study Potential for Urban Air Mobility Operations in Southeast Asia

SINGAPORE – Feb. 19, 2024 – Eve Air Mobility (“Eve”) (NYSE: EVEX; EVEXW) and Yugo Global Industries Pte. Ltd. (“Yugo”), a Singapore-based aviation company, have announced that the two companies have signed a memorandum of understanding (MoU) to study the potential for Urban Air Mobility (UAM) and eVTOL flights in Southeast Asia.

Yugo is a private aviation network established by aviation experts, with a global presence and a focus on Southeast Asia. In its mission to support regional Air Mobility innovation, Yugo benefits from the support of partner Air Transport operators such as PhilJets and Helistar, two of the region’s solid key players.

Together, Eve and Yugo will specifically focus on the potential infrastructure requirements to support eVTOL operations including regulations. The companies will also analyse service center and vertiport size and capabilities, ground handling and other areas as needed.

“We are looking forward to collaboratively working with Yugo to study and help define the UAM ecosystem in Singapore and Southeast Asia,” said Johann Bordais, CEO of Eve Air Mobility. “Our goal is to also understand and define a business model that not only enables eVTOL flights in the region, but also advances the overall mobility ecosystem.”

“We strongly believe that Southeast Asian economies will greatly contribute to the development of the eVTOL and UAM industry,” said Thierry Tea, Chairman of Yugo. “Our collaboration with Eve will offer valuable insights into the essential requirements for regional air mobility development.”

Eve has been very active and committed to helping introduce Urban Air Mobility in the Asia Pacific region. The company is already working with various key stakeholders across the region to collaboratively build the ecosystems and explore future operations in multiple countries.

As Eve supports the exploration of eVTOL development in Southeast Asia, the region’s aviation infrastructure is rapidly advancing. The Philippines is constructing the New Manila International Airport by San Miguel Corporation, while OCIC Group is building Cambodia’s Phnom Penh Techo International Airport (TIA), set to open in 2025. To reduce carbon emissions, these modern and sustainable new airports, including Phnom Penh’s TIA designed by Foster and Partners, are exploring charging stations and flight routes for flying taxis and electric jets.

Singapore is the first mover in Southeast Asia for UAM and this can provide neighboring countries a template to support further ecosystem development in the region. For instance, OCIC Group, is partnering with Changi Airport and Singapore Airline Engineering.

The ongoing innovation and progress in emerging countries stand to gain from eVTOLs, next-gen aircraft and evolving infrastructure. Yugo’s commitment is to support regional eVTOL innovation and its network includes Southeast Asian operators such as PhilJets in the Philippines and Helistar in Cambodia.

Eve has continued to advance the development of its eVTOL aircraft. The company has begun construction of its full-scale prototype and is on schedule to begin testing the

aircraft in 2024. Featuring a lift+cruise design to minimize moving parts and reduce potential cost of ownership, Eve’s eVTOL features eight lift rotors to assist in takeoff and landing and one push rotor for cruise. With a range of 100km (60 miles) and traveling at speeds of 100 knots, Eve’s aircraft currently leads the industry with 2,850 orders. The aircraft is scheduled to enter service in 2026.

In addition to developing its eVTOL aircraft, Eve will offer its customers instant access to an existing worldwide network of service centers through its relationship with Embraer, one of the world’s largest manufacturers of aircraft. The company is also developing a range of solutions to ensure that it is able to support its customers on Day 1 ranging from flight operations solutions and network optimization to data management and eVTOL health monitoring.

“These types of collaborations and agreements are a critical first step toward pursuing eVTOL flights. We are looking forward to working with Yugo and other key stakeholders as we begin this project,” said Bordais.

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Image: https://eve.imagerelay.com/share/499f88b7e05e45e7bf1efc7a59a54710

Follow Eve on X (Twitter), Instagram, Facebook, LinkedIn and YouTube: @EveAirMobility, Follow Yugo on Instagram @YugoPlus, LinkedIn @YugoPlus and Facebook @YugoGlobal.

About Eve Air Mobility

Eve is dedicated to accelerating the Urban Air Mobility ecosystem. Benefitting from a start-up mindset, backed by Embraer S.A.’s more than 50-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, comprehensive global services and support network and a unique air traffic management solution. Since May 10, 2022, Eve is listed on the New York Stock Exchange where its shares of common stock and public warrants trade under the tickers “EVEX” and “EVEXW”. For more information, please visit www.eveairmobility.com.

About Yugo Global Industries Pte. Ltd.

Yugo is a private aviation network established by aviation professionals, with a global presence and a focus on Southeast Asia. The company leverages its strong and solid network built through years of growth in private aviation, general aviation, commercial aviation, aviation finance as well as in the travel industry. For more information, visit: www.yugoplus.com.

Forward-Looking Statement Disclosure
Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words or expressions. All statements, other than statements of historical facts, are forward-looking statements, including, but
not limited to, statements about the company’s plans, objectives, expectations, outlooks, projections, intentions, estimates, and other statements of future events or conditions, including with respect to all companies or entities named within. These forward-looking statements are based on the company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the company’s most recent Annual Report on Form 10-K, Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors of the company’s most recent Quarterly Report on Form 10-Q, and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements. other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.
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