Brazil’s national development bank, BNDES, has agreed to an $88 million loan for Eve Air Mobility to support work on the company’s eVTOL aircraft production line at Taubaté in São Paulo state. The funding, announced on October 15, follows an earlier $92.5 million line of credit approved by the government-backed bank in 2022 to support development of the four-passenger vehicle that the Embraer offshoot is looking to bring to market in 2026.
According to Eve, which is headquartered in Melbourne, Florida, it expects to achieve an eventual rate of production of up to 480 aircraft per year. The company said it plans to expand its manufacturing capacity gradually in increments of 120 units, based on reported letters of intent for 2,900 eVTOL aircraft from 30 customers in 13 countries.
Having selected all its primary suppliers, Eve rolled out its first full-scale prototype in July. The company, which is listed on the New York Stock Exchange, is aiming to start remotely piloted flight tests later this year.
“This financing strengthens Eve’s robust cash position by adding long-term financing aligned with our company profile,” said Eve’s CFO, Eduardo Couto. “As we advance our eVTOL program development and manufacturing efforts, our focus remains on delivering long-term value for our shareholders with an optimal capital structure mixing equity and debt.”
According to BNDES president Aloizio Mercadante, the further support for Eve is part of the bank’s Mais Inovação innovation strategy through which the administration of Brazilian President Lula da Silva is looking to stimulate new technology initiatives, including advanced air mobility. The bank’s Plano Mais Produção unit is focused on investments in innovation aimed at advances in urban mobility and decarbonization.