Eve Air Mobility has raised $94 million in new privately placed equity financing.
The funding, which includes the issuance of new shares of common stock and warrants, includes participation from a diverse group of global industrial companies that include Embraer, Nidec and additional financial investors.
Eve Air said that the new funding “strongly positions the company for future success, and will support the continued development and manufacturing of the company’s eVTOL”.
Eve Air Mobility issued and sold 23,500,000 new shares of the company’s common stock at a purchase price of $4.00 per share, and agreed to the exchange of certain warrants for shares of common stock, and the granting of warrants to certain investors. The private placement is expected to result in gross proceeds to Eve of $94 million, before deducting other offering expenses.
“We appreciate the confidence that these investors are placing in Eve. The new equity, along with existing cash and credit lines, ensures Eve is well positioned as we continue to build momentum and advance in the development and manufacturing of our eVTOL,” said Eduardo Couto, chief financial officer at Eve Air Mobility.
“With the industry’s largest pre-order book with letters of intent for 2,900 aircraft and strong program development partners, Eve has continued to demonstrate the opportunity that our company presents for both strategic and financial investors.”
Vincent Braley, CEO of Nidec Aerospace, said that this new investment in Eve was confirmation of its confidence in Nidec’s aerospace strategy and an extension of its strategic partnership with Embraer. ""The global demand for electrified urban air mobility is expected to ramp up over the next few years, and Nidec is well-equipped to develop technology and make investments into the value chain that supports the cleaner, quieter, and more efficient travel of the future.”
The equity funding is expected to close over the coming weeks, subject to the satisfaction of customary closing conditions.
Eve Air has engaged Bradesco BBI as its exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom as its legal advisor.
