Born from a spin-off of the Brazilian company Embraer , Eve is one of the names that are globally pioneering the still-developing market of electric vertical takeoff and landing (eVTOL) aircraft. Or, as they are also known, "flying cars." And it has just received a new boost to take flight.
The Brazilian Development Bank ( BNDES ) announced the approval of new financing of R$ 200 million on Tuesday, December 9th, to support the development of the company's projects.
The new figure includes R$160 million from the Climate Fund and another R$40 million from the Finem line. The resources will be applied to the development of solutions for the Urban Air Mobility (UAM) market and to the integration and operation phase of the electric motors of the first aircraft undergoing certification at Eve.
Part of this amount included in the financing will also be allocated to preparing the aircraft for the test campaign to obtain the necessary certification from the National Civil Aviation Agency (ANAC).
"BNDES has every interest in supporting a project that already has 2,800 orders from clients in nine countries," said Aloizio Mercadante , president of BNDES, in a statement released by the bank.
Eve's CFO, Eduardo Couto, added: "This funding accelerates a critical stage of our program: the integration of the electric propulsion system, which will guarantee performance, safety, and reliability for our first certifiable aircraft."
The company's eVTOL will have capacity for four passengers, in addition to the pilot. With a range of 100 kilometers, the aircraft will feature eight electric elevator motors on the wings, increasing its safety and control level for vertical flight, and one motor in the rear area for horizontal navigation.
With the financing announced today, BNDES reaches a total of R$ 1.2 billion in credit already granted to Eve. This roadmap began in October 2024, when the bank approved a R$ 500 million line of credit for the company to develop the aircraft production unit in Taubaté (SP).
In December of the same year, another R$ 200 million was approved for the development of eVTOL prototypes. Then, in August of this year, BNDES announced an investment of US$ 74.9 million (R$ 405.3 million) in Eve, as part of BNDESPAR's strategy to resume its involvement in variable income investments.
Created in October 2020 as a spin-off from EmbraerX, Embraer's innovation arm, Eve went public in 2022 on the New York Stock Exchange through a merger with Zanite, a Special Purpose Acquisition Company (SPAC).
Back in August of this year, Eve also listed its shares, through BDRs, on the B3 stock exchange, with the aim of diversifying its shareholder base and strengthening its capital structure to develop its projects. Today's announcement was made at the Brazilian stock exchange, with the traditional ringing of the bell.
In its most recent earnings report, for the third quarter, Eve reported a net loss of US$46.9 million, compared to a loss of US$35.8 million a year earlier. The company also disclosed a backlog of 2,800 pre-orders for its aircraft, valued at US$14 billion.
On the New York Stock Exchange, Eve's shares closed Monday's trading session, December 8th, with a slight drop of 0.98%. The company is valued at US$1.67 billion.
The company's BDRs, in turn, were trading down 1.17% on the B3 stock exchange this Tuesday, around 11:35 am, quoted at R$ 27.08, giving the company a market value of R$ 9.4 billion.
