Eve Air Mobility Secures USD$88 million from BNDES to Finance eVTOL Manufacturing

Eve Air Mobility Secures USD$88 million from BNDES to Finance eVTOL Manufacturing

Brazil’s National Development Bank approved the financing to support the development of Eve’s manufacturing facility in Brazil.

Melbourne, Fla., October 15, 2024 – Eve Air Mobility (Eve) (NYSE: EVEX; EVEXW) today announced that the company secured a USD$88* million loan agreement with Brazil’s National Development Bank (BNDES) to fund the development of the company’s electric vertical take-off and landing (eVTOL) aircraft production facility in Taubaté, in the state of São Paulo, Brazil. Under the BNDES Mais Inovação program, the financing reinforces BNDES’ commitment to supporting innovative projects and Eve’s advancements in fostering decarbonization and the urban air mobility (UAM) industry.

“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.

The manufacturing facility financing builds upon the successful partnership between Eve and BNDES following the 2022 approval of a $92.5 million line of credit to support Eve’s eVTOL development program. The new funding agreement is structured by sub-credits from domestic and international sources, including the bank’s foreign currency funds, and a maturity of 16 years.

“This financing strengthens Eve’s robust cash position by adding long-term financing aligned with our company profile. As we advance our eVTOL program development and manufacturing efforts, our focus remains on delivering long-term value for our shareholders with an optimal capital structure mixing equity and debt,” stated Eduardo Couto, CFO of Eve.

With an eventual total expected output of up to 480 aircraft per year, Eve plans to expand the site’s production capacity on a modular basis, with four equally sized modules of 120 aircraft per year. This will provide for a disciplined, capital-efficient investment approach as the market grows.

“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. The BNDES has the necessary instrument to provide international competitiveness to domestic companies, which is the BNDES Mais Inovação program, which has already approved BRL 8 billion in credits since 2023”, explains the bank’s president, Aloizio Mercadante.

The director of Productive Development, Innovation and Foreign Trade at BNDES, José Luís Gordon, states that “financing the capacity for innovation, with a disruptive solution for urban mobility and decarbonization, is the objective of Plano Mais Produção, the financing arm of Nova Indústria Brasil, to boost the productive sector and ensure that technological development and production occur within the national territory, generating more qualified jobs and income within the country”.

Eve boasts the industry’s largest backlog with letters of intent (LOI) for 2,900 eVTOLs from 30 customers in 13 countries, representing a potential USD$14.5 billion in sales revenue. Its aircraft utilizes eight dedicated propellers for vertical flight and fixed wings to fly in cruise, with no change in the position of these components during flight. The concept includes an electric pusher powered by dual electric motors that provide propulsion redundancy to ensure the highest performance levels, safety, dispatch reliability, and low operation costs.

The company selected all primary suppliers of its eVTOL and rolled out its first full-scale prototype last July. As Eve advances into the next development phase, its eVTOL prototype has been performing a series of tests designed to meticulously assess every aspect of the aircraft’s operation and performance, from flight capabilities to safety features.

Eve takes advantage of Embraer’s 55 years of experience in designing, certifying, and manufacturing state-of-the-art aircraft. Its customers will also benefit from having access to an existing global service and support network, which is critical to ensuring reliable, safe, and efficient UAM operations.

*Equivalent amount in US dollars; BRL 500 million in local currency (Brazilian real – BRL).

Image: https://eve.imagerelay.com/fl/8a4031f7cdad440da1140881f6b32fdd

About Eve Air Mobility

Eve Air Mobility is dedicated to accelerating the Urban Air Mobility (UAM) 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 BNDES

Banco Nacional de Desenvolvimento Econômico e Social (National Bank for Socio-Economic Development), or BNDES for short is a federal institution headquartered in Rio de Janeiro whose objective is to provide long-term funding and investments in all sectors of the Brazilian economy. BNDES is one of the largest development banks in the world and it aims to support entrepreneurs of all sizes – including private citizens, to expand and modernize current projects as well as new businesses with a specific aim to foster employment, income and social inclusion as well as Brazil’s competitiveness. For more information, visit https://www.bndes.gov.br.

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.


News
Eve Air Mobility’s Final eVTOL Airworthiness Criteria Published by ANAC
05 Nov, 2024

Eve Air Mobility’s Final eVTOL Airworthiness Criteria Published by ANAC

Learn more
Eve, OHI and Revo Collaborate to Develop AAM Ecosystem in Brazil and Successfully Conclude First Simulation of Air Traffic Management
04 Nov, 2024

Eve, OHI and Revo Collaborate to Develop AAM Ecosystem in Brazil and Successfully Conclude First Simulation of Air Traffic Management

Learn more
Eve Air Mobility Selects Embraer-CAE Training Services as Training Partner
30 Oct, 2024

Eve Air Mobility Selects Embraer-CAE Training Services as Training Partner

Learn more
Eve Air Mobility Announces $50M Bank Loan to Support eVTOL Development
30 Oct, 2024

Eve Air Mobility Announces $50M Bank Loan to Support eVTOL Development

Learn more
Eve Air Mobility Presents Eve TechCare at MRO Europe
21 Oct, 2024

Eve Air Mobility Presents Eve TechCare at MRO Europe

Learn more
Eve Air Mobility Secures USD$88 million from BNDES to Finance eVTOL Manufacturing
15 Oct, 2024

Eve Air Mobility Secures USD$88 million from BNDES to Finance eVTOL Manufacturing

Learn more
Eve Air Mobility Announces Megha Bhatia as Chief Commercial Officer
17 Sep, 2024

Eve Air Mobility Announces Megha Bhatia as Chief Commercial Officer

Learn more
Eve Holding, Inc. Reports Second Quarter 2024 Results
06 Aug, 2024

Eve Holding, Inc. Reports Second Quarter 2024 Results

Learn more
Eve Air Mobility and Siemens Energize U.S. Advanced Air Mobility Industry
23 Jul, 2024

Eve Air Mobility and Siemens Energize U.S. Advanced Air Mobility Industry

Learn more
Eve Names Suppliers for eVTOL Interior and Power Distribution System
21 Jul, 2024

Eve Names Suppliers for eVTOL Interior and Power Distribution System

Learn more
Eve Air Mobility Unveils First Full-Scale eVTOL Prototype
21 Jul, 2024

Eve Air Mobility Unveils First Full-Scale eVTOL Prototype

Learn more
Eve Air Mobility Announces $94M New Equity to Support eVTOL Development
01 Jul, 2024

Eve Air Mobility Announces $94M New Equity to Support eVTOL Development

Learn more
Eve Names Suppliers for eVTOL Windows, Doors, and Fuselage Components
05 Jun, 2024

Eve Names Suppliers for eVTOL Windows, Doors, and Fuselage Components

Learn more
Eve Air Mobility and Saudia Technic Sign MOA to Explore MRO Activities and eVTOL Reassembly in Saudi Arabia
21 May, 2024

Eve Air Mobility and Saudia Technic Sign MOA to Explore MRO Activities and eVTOL Reassembly in Saudi Arabia

Learn more
Eve Air Mobility Unveils Teaser Video of First eVTOL
07 May, 2024

Eve Air Mobility Unveils Teaser Video of First eVTOL

Learn more
Eve Air Mobility Named a Member of Japan’s Advanced Air Mobility Public-Private Committee
30 Apr, 2024

Eve Air Mobility Named a Member of Japan’s Advanced Air Mobility Public-Private Committee

Learn more
Eve Air Mobility and AirX Inc. Sign Letter of Intent for up to 50 eVTOLs, Service Support, and Urban ATM Software
17 Apr, 2024

Eve Air Mobility and AirX Inc. Sign Letter of Intent for up to 50 eVTOLs, Service Support, and Urban ATM Software

Learn more
Eve Air Mobility Names KAI as Supplier for eVTOL Pylons
14 Apr, 2024

Eve Air Mobility Names KAI as Supplier for eVTOL Pylons

Learn more
Eve Air Mobility Presents Vector and Provides  Updates on the Urban ATM Software Development  
19 Mar, 2024

Eve Air Mobility Presents Vector and Provides  Updates on the Urban ATM Software Development  

Learn more
Eve Air Mobility to Host eVTOL Panel at SXSW 2024
11 Mar, 2024

Eve Air Mobility to Host eVTOL Panel at SXSW 2024

Learn more
Eve Reports  Fourth Quarter & FY 2023 Results 
07 Mar, 2024

Eve Reports  Fourth Quarter & FY 2023 Results 

Learn more
Eve Air Mobility Names Suppliers for Wings and Pilot Controls
19 Feb, 2024

Eve Air Mobility Names Suppliers for Wings and Pilot Controls

Learn more
Eve Air Mobility and SkyScape Announce First Urban ATM Agreement in Japan
19 Feb, 2024

Eve Air Mobility and SkyScape Announce First Urban ATM Agreement in Japan

Learn more
Eve Air Mobility and Yugo Sign Memorandum of Understanding to Study Potential for Urban Air Mobility Operations in Southeast Asia
18 Feb, 2024

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

Learn more
Eve Air Mobility to Make Debut at Singapore Air Show
16 Feb, 2024

Eve Air Mobility to Make Debut at Singapore Air Show

Learn more
Eve announces Antonio João Carmesini Barcellos as Vice President of Industrialization 
06 Feb, 2024

Eve announces Antonio João Carmesini Barcellos as Vice President of Industrialization 

Learn more
Eve Holding, Inc. Reports Third Quarter 2024 Results
04 Nov, 2024

Eve Holding, Inc. Reports Third Quarter 2024 Results

Learn more