Eve Air Mobility, Embraer’s publicly-listed electric vertical takeoff and landing (eVTOL) aircraft developer, announced on October 30, 2024, that it has secured a US$50 million loan from Citibank.
With this new credit facility, Eve Air Mobility has expanded its liquidity position to around US$480 million.
The available funds should enable Eve to continue developing its eVTOL aircraft, the first prototype of which was publicly unveiled in the summer of 2024.
This announcement follows other financing deals signed by Eve Air Mobility in the last few months.
On October 15, 2024, the Brazilian eVTOL developer received the backing of Brazil’s National Development Bank (BNDES) in the form of a US$88 million loan under the “Mais Inovação” program to support innovative technology projects in Brazil. The eVTOL developer plans to use the funds provided by the BNDES to build a production center in the city of Taubaté, in Sao Paulo state.
Before that, in July 2024, Eve also secured US$95.6 in equity financing from private investors.
Advanced air mobility developers worldwide are scrambling to strengthen their liquidity position, as there are fears that liquidity may dry out before most can bring their aircraft to market.
In October 2024 one of the world’s largest eVTOL developers, Germany-based Lilium, was forced to declare bankruptcy in two of its subsidiaries.
1 comment
Wow, fantastic news for Eve Air Mobility! 🚀 Securing a US$50 million loan from Citibank boosts their liquidity to around US$480 million, positioning them strongly in the eVTOL market. With support from Brazil’s National Development Bank for their new production center, they’re set to innovate despite challenges faced by others like Lilium. Exciting times ahead! 🌟✈️