Embraer-backed Eve Air Mobility has received a $88 million loan from Brazil’s National Development Bank (BNDES) to fund development of a facility in Taubate, about 43km (27 miles) northeast of Embraer’s headquarters in San Jose dos Campos.
Melbourne, Florida-based Eve says on 15 October that the facility will house production of its in-development four-passenger electric vertical take-off and landing vehicle (eVTOL). It will be large enough to build up to 480 aircraft annually once complete. The company does not say when that will be.
Eve hopes to launch its eVTOL test-flight campaign later this year.
“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,” says Eve chief executive Johann Bordais. “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.”
The financing is the second of its kind from BNDES, after it approved a $92.5 million line of credit for Eve in 2022.
“This financing strengthens Eve’s robust cash position by adding long-term financing aligned with our company profile,” adds Eduardo Couto, Eve chief financial officer.
Eve says it holds letters of intent covering potential orders for 2,900 aircraft from 30 customers in 13 countries. That represents as much as $14.5 billion in revenue.
The company adds it has selected all primary suppliers. It rolled out its first full-scale prototype, a remotely operated variant, in 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 says.
