Eve Air Mobility this week raised a further $94 million in funding to support its plans to bring a four-passenger eVTOL aircraft to market in 2026. The public company, in which Brazilian airframer Embraer is the majority shareholder, announced on July 1 that multiple undisclosed investors have supported a new equity financing round that is expected to close in the next few weeks.
The new capital will be released under an agreement dated June 28 that will issue and sell 23.5 million new shares in Eve’s common stock at a price of $4 per share. In New York Stock Exchange trading on July 1, Eve’s stock closed at $3.28, which was down on its June 28 closing price of $4.05.
Melbourne, Florida-based Eve will provide additional details about the closing of the equity raise through an 8k filing under Securities and Exchange Commission rules. The sale is expected to clear $94 million once deductions are made to cover expenses associated with the offering.
On July 2, rival eVTOL aircraft developer Archer Aviation announced that existing investor Stellantis has provided an additional $55 million in funding. The car maker increased its backing, having earlier this year purchased 8.3 million shares in the New York Stock Exchange-listed company and in 2023 investing $110 million.
Archer reported that the new funding from Stellantis had been contingent on it achieving a transition flight on June 12 with its Midnight eVTOL prototype aircraft. The automotive group is closely involved in developing manufacturing infrastructure for the four-passenger vehicle which is expected to enter service in 2025.
Eve's Prototype Shapes Up in Brazil
Working closely with Embraer, Eve is now assembling its first full-scale prototype of the eVTOL vehicle in a new facility at Taubaté in Brazil’s São Paulo state. In June, the company announced the appointment of more suppliers for the program covering elements such as windows, doors, and fuselage sections.
“We appreciate the confidence that these investors are placing in Eve,” said Eve Air Mobility chief financial officer Eduardo Couto. “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.”