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Eve Air Mobility announces a USD50 million Citibank loan to fund research and development

Eve Air Mobility has announced a USD 50 million loan from Citibank N.A. to support the company’s aircraft research and development programme.

According to the company:

“With this additional loan, Eve’s 2Q24 pro-forma liquidity increases to ~USD480 million, when combined with recently announced USD95.6 million in equity financing from a diverse group of global industrial companies and financial investors in July 2024. Eve also recently announced a new USD88 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.”

Eve reports it has the largest pre-order book with letters of intent for 2,900 aircraft, a diverse group of suppliers and programme development partners and the backing of Embraer. 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”).

For more information

https://www.eveairmobility.com/eve-air-mobility-announces-50m-bank-loan-to-support-evtol-development/

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