Eve Air Mobility ("Eve") (NYSE: EVEX; EVEXW), a global electric vertical take-off and landing (eVTOL) aircraft manufacturer and services provider, has announced a $50M loan from Citibank N.A. (“Citibank”). 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 diverse 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.”
With the AAM industry’s largest 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, the world’s third largest aircraft manufacturer, Eve continues to demonstrate attractive opportunities for both strategic and financial investors.
Additional details regarding the loan are included in a Form 8-K filed on October 29 by Eve with the Securities and Exchange Commission (“SEC”).
Eve’s eVTOL aircraft utilizes 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, optimized structures and systems, it has been developed to offer efficient thrust with low noise.
The company unveiled its first full-scale eVTOL prototype this past summer at the Farnborough Air Show. The company is working to prepare the aircraft for a comprehensive test campaign. Concurrently, Eve continues to develop a comprehensive portfolio of agnostic services and operations solutions, including Vector, a unique Urban Air Traffic Management software to optimize and scale Advanced Air Mobility operations worldwide.
