Air Taxi Company Borrows $88M; Embraer Backed

Electric aerial vehicle (EAV) maker Eve Air Mobility secured $88 million in a loan from the Brazil National Development Bank (BNDES) to fund the development of the eVTOL (electric vertical takeoff and landing) vehicle production facility.

The loan for the manufacturing facility in Taubaté, in São Paulo, Brazil, follows the partnership between Eve and BNDES, which in 2022 provided a $92.5 million line of credit for Eve’s eVTOL development program.

The Eve eVTOL vehicle uses eight propellers for vertical flight and fixed wings to fly on cruise, with no change of component positions for flight, and has a range of 60 miles. 

“We are profoundly grateful for the continued support and confidence that BNDES has shown in Eve as we advance in our mission to reimagine mobility through efficient and sustainable urban flight experiences,” said Johann Bordais, CEO of Eve. “This financing will be instrumental in setting up our eVTOL manufacturing facility, which will be not only the first of its kind in Brazil but also powered by clean, renewable energy, aligned with our commitment to sustainability,” 

Eve Air recently introduced a full-scale eVTOL prototype at the Farnborough Airshow in the U.K. and also completed the selection of the primary suppliers for its EAV prior to entering its testing phase.

Related:Air Taxi Company Shows Full-Scale Prototype; Embraer Backed

The test phase includes flight capabilities and safety features for Eve, which has pre-orders for 2,900 of its electric flying vehicles, according to the company.

Eve Air recently received a $94 million investment from several investors, including Embraer, the main backer of Eve Air, and a $20 million investment from Nidec Aerospace, the maker of its electric propulsion system.

The last investment also is part of the Nidec strategy to supply products such as chargers for EAVs.

Nidec is expected to be featured in Eve’s eVTOL manuals as a recommended charger vendor.

Eve Air also is working with Embraer and Groupe ADP to prepare for EAV operations at Paris-Le Bourget Airport, including updating airport facilities by adding training, maintenance and ground services for eVTOL vehicles.

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The company came out of Embraer’s business and innovation accelerator and has been working to create a low-sound vehicle with efficient thrust.

The Eve Air flying taxi is expected to enter service in 2026, with the company leveraging Embraer’s experience of developing, designing and certifying aircraft.

It is expected that Eve would use Embraer’s global network of service and support locations.

Related:Air Taxi Company Gets $20M More; Backed by Embraer

Eve Air also has an order for up to 50 of its EAVs from the largest helicopter air charter service in Japan as AirX Inc. signed a letter of intent to purchase 10 EAVs with an option to purchase 40 more and announced the launch of the Greater Tokyo Area’s first eVTOL test field, the urban air mobility (UAM) Center.

In addition to Japan, Eve is working with customers in Australia, India and South Korea.

Eve Air and UrbanX in Miami plan to launch eVTOL commuter flights throughout South Florida by 2026, when the first 10 Eve flying vehicles are expected to be delivered.

GlobalX agreed to purchase 200 flying vehicles from Eve Air in 2022 and established UrbanX as a subsidiary of GlobalX. 

The Florida flights are intended to help commuters navigate short distances and avoid traffic congestion and improve travel times. 

Road travel times in Miami can be challenging because of delays caused by the frequent opening of numerous draw bridges as boats navigate through the many channels.

The electric flying service in Florida is subject to approvals from the Federal Aviation Administration (FAA) and Department of Transportation.

Eve Air also is growing arrangements with low-cost carriers, such as its deal with Flynas, a low-cost airline in Saudi Arabia, to explore starting eVTOL services in Riyadh and Jeddah.

Related:Flying Taxi Company Gets $94M Investment; Embraer Backed

Eve Air and Korean airline Jeju Air, the largest low-cost airline in Korea, also have plans for EAV use on Jeju Island. 

Eve Air also has been working with cities, countries and regulatory authorities to establish concepts of operations in the U.S., Brazil and the U.K.