Electric aircraft manufacturer Eve, a company under the umbrella of Brazilian aerospace giant Embraer, has secured a significant loan agreement worth $88 million from Brazil’s state development bank, BNDES. The financing will be used to fund the development of Eve’s first production facility, located in Taubate, Brazil, as the company gears up for a pivotal phase in its electric vertical take-off and landing (eVTOL) program.
Eve is part of a growing global movement focused on developing battery-powered aircraft designed to take off and land vertically, offering a sustainable and efficient solution for short city trips. These vehicles promise to bypass urban congestion, making commuting faster and more convenient, a significant selling point for cities with dense traffic. Eve’s aircraft are expected to be certified and ready for commercial service by 2026, with the company already sitting on nearly 3,000 pre-orders, potentially generating an estimated $14.5 billion in future revenue.
The choice of Taubate for the production facility reflects the strategic advantages of its location, with the town’s proximity to Embraer’s headquarters in Sao Jose dos Campos playing a key role in the decision. Once fully operational, the plant is anticipated to have an annual production capacity of up to 480 aircraft, positioning Eve to meet growing demand for eVTOL technology.
This recent loan builds on a $92.5 million credit line previously granted by BNDES in 2022, alongside other equity investments supporting the development of Eve’s eVTOL program. With a maturity period of 16 years, the loan provides the company with long-term financial stability as it advances both its production and certification efforts.
Eve’s Chief Financial Officer, Eduardo Couto, highlighted the importance of the financing, noting that the new loan strengthens the company’s liquidity position while providing the flexibility to maintain an optimal mix of equity and debt. He reaffirmed the company’s commitment to delivering sustainable value to shareholders as Eve continues to push forward with the development of its groundbreaking eVTOL technology.
As the global race to develop electric aircraft intensifies, Eve remains a key player to watch, with its ambitions set firmly on revolutionizing urban transportation in the coming years.
