Eve receives $94 million additional equity to support eVTOL development

Global electric vertical takeoff and landing (eVTOL) aircraft manufacturer and services provider Eve Air Mobility (São José dos Campos, Brazil) has announced $94 million in new equity financing from multiple investors. The funding, which includes the issuance of new shares of common stock and warrants, includes participation from a diverse group of global industrial companies that include Embraer, Nidec and additional financial investors. 

“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,” says Eduardo Couto, chief financial officer (CFO) at 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.”

The company entered into agreements, dated as of June 28, 2024, for the issuance and sale of 23,500,000 new shares of the company’s common stock at a purchase price of $4.00 per share, the exchange of certain warrants for shares of common stock and the granting of warrants to certain investors. The private placement is expected to result in gross proceeds to Eve of $94 million, before deducting other offering expenses.

The equity funding is expected to close over the coming weeks, subject to the satisfaction of customary closing conditions. Additional details regarding the equity funding is included in a Form 8-K filed by Eve with the Securities and Exchange Commission (SEC).

The company is completing assembly of its first full-scale eVTOL prototype which will be followed by a test campaign. Concurrently, Eve continues to develop a comprehensive portfolio of agnostic services and operations solutions, including Vector, an urban air traffic management software to optimize and scale urban air mobility operations worldwide. Eve has also named several of it’s aircraft suppliers — many with composites expertise — for pilot controls and wing components, as well as the eVTOL’s windows, doors and fuselage.