Eve Air Mobility today announced that the company secured a USD88 million loan agreement with Brazil’s National Development Bank (BNDES) to fund the development of the company’s electric vertical take-off and landing (eVTOL) aircraft production facility in Taubaté, in the state of São Paulo, Brazil. Under the BNDES Mais Inovação programme, the financing reinforces BNDES’ commitment to supporting innovative projects and Eve’s advancements in fostering decarbonization and the urban air mobility (UAM) industry.
“We are profoundly grateful for the continued support and confidence that BNDES has shown in Eve as we advance in our mission to reimagine mobility through efficient and sustainable urban flight experiences. This financing will be instrumental in setting up our eVTOL manufacturing facility, which will be not only the first of its kind in Brazil but also powered by clean, renewable energy, aligned with our commitment to sustainability,” said Johann Bordais, CEO of Eve.
The manufacturing facility financing builds upon the partnership between Eve and BNDES following the 2022 approval of a USD92.5 million line of credit to support Eve’s eVTOL development programme. The new funding agreement is structured by sub-credits from domestic and international sources, including the bank’s foreign currency funds, and a maturity of 16 years.
“This financing strengthens Eve’s robust cash position by adding long-term financing aligned with our company profile. As we advance our eVTOL programme development and manufacturing efforts, our focus remains on delivering long-term value for our shareholders with an optimal capital structure mixing equity and debt,” stated Eduardo Couto, CFO of Eve.
With an eventual total expected output of up to 480 aircraft per year, Eve plans to expand the site’s production capacity on a modular basis, with four equally sized modules of 120 aircraft per year, says the company in a press release.
“The financing reinforces the commitment of President Lula’s government to support innovative projects in Brazilian industry, such as air mobility, which uses high technological intensity. The BNDES has the necessary instrument to provide international competitiveness to domestic companies, which is the BNDES Mais Inovação program, which has already approved BRL 8 billion in credits since 2023”, explains the bank’s president, Aloizio Mercadante.
The director of Productive Development, Innovation and Foreign Trade at BNDES, José Luís Gordon, states that “financing the capacity for innovation, with a disruptive solution for urban mobility and decarbonization, is the objective of Plano Mais Produção, the financing arm of Nova Indústria Brasil, to boost the productive sector and ensure that technological development and production occur within the national territory, generating more qualified jobs and income within the country”.
For more information