Eve Air raises another $94m funding from shareholders

Ever Air Mobility announced fresh equity financing of $94m from shareholders including Embraer, Nidex and additional financiers to support the development and manufacturing of the company’s eVTOL aircraft.

The company said it has finalised an agreement on June 28 to issue and sell 23.5m shares of its common stock at $4 per share which is expected to net the company $94m before deducting offering expenses.

“We appreciate the confidence that these investors are placing in Eve. 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,” said Eduardo Couto, chief financial officer, Eve Air Mobility.

“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.”

Bradesco BBI worked with Eve on the transaction as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom as the legal advisor.

Eve is also nearing completion of its first full-scale eVTOL prototype and will begin testing it soon. The company said the funding will be utilised to support the continued development and manufacturing of the company’s eVTOL.

Eve’s eVTOL aircraft is designed for vertical flight and cruising, with eight propellers and dual electric motors. The company says this design offers lower costs, fewer parts, and efficient thrust with low noise.

In addition to developing the aircraft, Eve is also working on urban air traffic management software to help manage these future flying taxis.