Eve secures additional $35m from BNDES

Eve Air Mobility announced it has secured an additional $35m from the Brazil’s National Development Bank (BNDES) to support its eVTOL development.

The company secured initial funding of $92.5m from the BNDES in 2022 and this transaction is second phase of that agreement. Sourced from the Climate Fund, the funding will be allocated to manufacturing Eve’s conforming prototypes and, subsequently, the commercial vehicle.

“The continued support from BNDES is highly significant as we advance our eVTOL program and transition from prototype development to certification and production readiness. This funding strengthens our financial position even more and provides the resources necessary to achieve our key milestones, including certification and the commercialization of our eVTOL,” said Johann Bordais, CEO, Eve.

Earlier in the tail-end of October, Eves secured another $50m investment from Citibank to further its aircraft research and development programme.

The National Civil Aviation Agency of Brazil (ANAC) recently published the final airworthiness criteria for Eve’s eVTOL, an important step towards type certification.

This follows a public consultation period and allows Eve to proceed with defining the means of compliance for its eVTOL with ANAC.

“BNDES was instrumental in installing the eVTOL factory in Taubaté, guaranteeing quality jobs in the region. Now, we are financing the development of the aircraft itself. In addition to supporting an innovative project, we are investing in a disruptive technology industry that is also green, contributing to the strengthening of the national industry in the world market and to the energy transition. In total, the bank has already approved, this year, R$700 million for the production of Eve’s eVTOL”, saids the president of BNDES, Aloizio Mercadante. This article was first published by our sister publication Revolution.Aero.