Eve Air Mobility (Eve), the global electric vertical take-off and landing (eVTOL) aircraft manufacturer and services provider, has secured a $50 million loan from Citibank. The manufacturer says that the funding, which will strengthen Eve's balance sheet, will support the company’s aircraft research and development program.
With this additional loan, Eve's 2Q24 pro-forma liquidity increases to ~$480 million, when combined with recently announced $95.6 million in equity financing from a group of global industrial companies and financial investors in July 2024. Eve also recently announced a new $88 million credit line agreement with Brazil’s National Development Bank (BNDES) to fund the development of the company’s aircraft production facility in Taubaté, in the state of São Paulo, Brazil.
“Eve continues to attract new investors, a sign of the continued confidence in our strategic plan, strong customer interest in our eVTOL aircraft, services, operations solutions and our Vector urban air traffic management software solution,” said Eduardo Couto, chief financial officer at Eve Air Mobility. “The bank loan, along with existing cash and credit lines, ensures that Eve remains well capitalized with a comfortable balance sheet and with one of the highest cash runways in the advanced air mobility (AAM)industry. We are continuing to advance in the development and manufacturing of our eVTOL.”
Eve has a pre-order book with letters of intent for 2,900 aircraft, a diverse group of suppliers and program development partners and the backing of Embraer. Eve says this “continues to demonstrate attractive opportunities for both strategic and financial investors”.
Eve’s eVTOL aircraft utilises 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 with the goal of ensuring the highest levels of performance and safety. While offering numerous advantages including lower cost of operation, fewer parts, optimised structures and systems, Eve says the aircraft has been developed to offer efficient thrust with low noise.