Summary

  • Eve Air Mobility secures $94M in equity funding for eVTOL development.
  • Funding to be used for manufacturing and development of an electric vertical takeoff and landing (eVTOL) vehicle.
  • The company has established several vendors and has a pre-order book for 2,900 aircraft.

On Monday, July 1, Eve Air Mobility announced that it had received nearly $100 million in funding from new and existing investors. This new funding, which totaled $94 million in equity financing, came from a group of global companies. The offering was a combination of new shares of common stock and warrants.

New equity funding

Eve Air Mobility, based in São Paulo, Brazil, will use the funding to continue manufacturing and developing an electric vertical takeoff and landing (eVTOL) vehicle. The company has already established several vendors as it continues on the path toward developing the vehicle. This new round of funding will assist the company in developing the aircraft for the future.

Eve eVTOL aircraft
Photo: Eve Air Mobility 

Eduardo Couto, the Chief Financial Officer (CFO) at Eve Air Mobility, spoke about the new round of investments. Couto stated,

“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. 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.”

Some of the recent investments have come from already established investors in the company. This includes Embraer, Eve Air Mobility’s parent company, Nidec, and other financial investors from around the world. Specifically, Eve Air Mobility issued and sold 23,500,000 new shares of the company’s stock, with a purchase price of $4 per share. The purchase price also included the exchange of warrants for shares of the company’s common stock.

Eve Air Mobility expects the stock sale to be finalized within the next month. As this type of funding typically requires, several closing conditions will be met.

About Eve Air Mobility

As previously mentioned, Eve Air Mobility is developing, certifying, and manufacturing an eVTOL vehicle. This vehicle utilizes eight propellers and fixed wings to transport passengers short distances in dense urban areas. The company also uses electrical power to power the aircraft.

WIDEROE_ZERO_eVTOL23
Photo: Eve Air Mobility

The company has made significant progress since it was officially founded in October 2020. It began as a project within Embraer as early as 2017. It became independent in 2020 to become a standalone company, although Embraer still owns the majority. In 2021, Eve merged with Zanite Acquisition Corp, an investment company that specializes in investing in emerging technology companies. The newly formed company went public in May 2022 with an initial public offering (IPO) on the New York Stock Exchange (NYSE).

Related

Embraer’s Eve Announces New Providers For eVTOL Components

Three new suppliers will help Eve Air Mobility develop a new eVTOL aircraft.

Late last year, Eve Air Mobility went through the vendor selection process to continue developing the eVTOL vehicle. In November, Eve announced three major suppliers for its advanced eVTOL aircraft, including Garmin for avionics, Liebherr Aerospace for flight control actuators, and Intergalactic for thermal management systems. Eve also previously announced Nidec Aerospace, BAE Systems, and DUC Propellers as suppliers. This indicates further progress in the design, certification, and production of its eVTOL aircraft.

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