Eve Air Mobility, a company established under Brazilian aerospace company Embraer and a manufacturer and service provider of electric vertical take-off and landing (eVTOL) aircraft, has secured $94 million in fresh equity funding from various investors, as stated in a recent press release.
This financing involves the issuance of new common stock and warrants and includes contributions from a range of global industrial firms such as Embraer and Nidec, alongside additional financial backers. This substantial investment significantly strengthens Eve's prospects for the future, enabling ongoing advancements in the development and production of their eVTOL aircraft.
Eduardo Couto, chief financial officer (CFO) at Eve Air Mobility said they “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," he was quoted as saying by the company statement.
On June 28, 2024, the company finalized agreements for a private placement involving the issuance and sale of 23,500,000 new shares of its common stock at $4.00 per share.
Additionally, the agreements include the exchange of certain warrants for common stock shares and the issuance of new warrants to specific investors. This private placement is anticipated to generate gross proceeds of $94 million for Eve Air Mobility, before deducting other associated offering expenses.
The equity funding is expected to close over the coming weeks, subject to the satisfaction of customary closing conditions.
Eve's eVTOL aircraft incorporates eight dedicated propellers for vertical flight and fixed wings for cruising, maintaining their positions throughout the flight. The design features an electric pusher driven by dual electric motors, ensuring redundancy in propulsion for enhanced performance and safety. This configuration offers several benefits, including reduced operational costs, simplified structure and systems, and efficient thrust generation with minimal noise.
Currently, Eve is finalizing the assembly of its initial full-scale eVTOL prototype, which will soon undergo testing. Simultaneously, the company is advancing a diverse range of service and operational solutions, highlighted by Vector, a specialized Urban Air Traffic Management software designed to optimize and expand Advanced Air Mobility operations globally.
