Eve Air Mobility has received two distinct credit lines totaling $92.5 million from Brazil’s National Development Bank (BNDES). Both credit lines are expected to offer beneficial terms and conditions to Eve with a 12-year maturity and amortization grace period.
André Stein, co-CEO of Eve, said: “We appreciate the confidence and support that BNDES is showing to Eve as we continue to progress the development of a zero-emission aircraft with a commitment to a full-life cycle approach towards carbon neutrality. Not only will this foster innovation, but will support the emergence of a more sustainable form of aviation, our eVTOL aircraft, which will transform the industry and urban air mobility, reducing noise and the cost of flying. BNDES will be a critical partner to help Eve complete the design of our portfolio of products and services.”
Bruno Aranha, director of productive and socio-environmental credit at the BNDES, said: “We are very proud of BNDES’ support for the development of Eve’s eVTOL. This operation is particularly representative in the Climate Fund context, as it involves the development of a disruptive product that will mitigate the emission of greenhouse gases.”
Eduardo Couto, chief financial officer of Eve, said: “The support from BNDES is a perfect fit for our project, considering the characteristics of these lines of credit and the bank’s mission to foster a cleaner form of transportation. These credit lines are expected to have a long-term profile that matches Eve’s cash-flow needs and strengthens our balance sheet. Upon completion of the funding from BNDES, Eve will have a more efficient capital structure – with both debt and equity funding the continued development of our portfolio of solutions for the Urban Air Mobility ecosystem.”
The first credit line is expected to be granted by the Climate Fund designed by BNDES to provide financial support to businesses and projects that help mitigate climate change and reduce carbon emissions, with urban mobility. The second line of credit is expected to be granted by the Innovation Finance, a BNDES program that provides long-term funding for disruptive industrial projects that generate social benefits, such as urban mobility, energy generation, education, sewage, among others.