Eve Air Mobility has bolstered its liquidity with a $50 million loan from Citibank.
This latest funding round will support the research and development of Eve’s eVTOL aircraft, a battery-powered “flying car” designed for short urban trips. Eve unveiled its first full-scale prototype in July at the Farnborough Airshow.
The loan positions Eve strongly as it pursues certification and market entry by 2026. Eve maintains that this engineering prototype won’t be used for the aircraft certification campaign; but plays a crucial role in validating and refining the aircraft design.
This $50 million infusion from Citibank raises Eve’s pro-forma liquidity to approximately $480 million, building on recent financial moves.
In July 2024, the company secured $95.6 million in equity financing from a group of global industrial and financial investors. Eve also recently entered into an $88 million credit line agreement with Brazil’s National Development Bank (BNDES) to fund the establishment of its first production facility in Taubaté, 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,” said Eduardo Couto, Chief Financial Officer at Eve Air Mobility.
Couto emphasised that the Citibank loan, combined with Eve’s cash reserves and credit lines, enables the company to maintain one of the strongest cash positions in the advanced air mobility (AAM) industry, which will sustain development and growth initiatives as Eve approaches certification.
Eve, a subsidiary of the Brazilian aerospace firm Embraer, is one of several companies advancing battery-powered eVTOL aircraft aimed at transforming urban mobility by enabling short-haul flights that bypass ground traffic. With nearly 3,000 pre-orders, Eve is projecting potential revenue of up to $14.5 billion from its aircraft sales once it enters the market. Since its debut on the New York Stock Exchange in May 2022 where it raised approximately $400 million, Eve has been laser-focused on advancing its aircraft through regulatory approvals and ramping up production.
Details of the Citibank loan were disclosed in a Form 8-K filed with the Securities and Exchange Commission on October 29, 2024, underscoring Eve’s continued traction in attracting substantial support from both financial institutions and industrial partners.
