Eve Air Mobility secures $50m loan from Citi
Eve Air Mobility announced it has secured a $50m loan from Citibank to further its aircraft research and development programme.
This additional funding, coupled with the recently announced $95.6m equity financing and the $88m credit line from Brazil’s National Development Bank (BNDES), strengthens Eve’s balance sheet and propels its liquidity to approximately $480m.
“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 solution,” said Eduardo Couto, chief financial officer at Eve Air Mobility.
“The bank loan, along with existing cash and credit lines, ensures that Eve remains well capitalised with a comfortable balance sheet and with one of the highest cash runways in the advanced air mobility (AAM) industry. We are continuing to advance in the development and manufacturing of our eVTOL.”
With a substantial pre-order book of 2,900 aircraft, a diverse network of suppliers and partners, and the backing of Embraer, Eve is well-positioned to capitalise on the growing AAM market.
Eve’s innovative eVTOL aircraft design incorporates eight dedicated propellers for vertical flight and fixed wings for cruise mode, offering efficient thrust and low noise levels. The company unveiled its first full-scale prototype at the Farnborough Air Show and is actively preparing for comprehensive testing.
In addition to its aircraft development, Eve is focused on building a comprehensive suite of services and operations solutions, including Vector, a Urban Air Traffic Management software designed to optimise and scale AAM operations globally.
Eve’s announcements comes just weeks after another major EVTOL firm Joby Aviation announced it has secured $500m investment from Toyota to expand its commercialisation of an electric air taxi.
On the flip side, eVTOL start-up Lilium filed for bankruptcy days after the German federal government and the Free State of Bavaria refused to guarantee $108m in loans to the company.
Lilium said it’s out of cash and can’t pay its bills so it’s filing for a “debtor-in-possession” insolvency.
