Full-scale Eve demonstrator to make remotely-piloted flight in mid-2025
March 12, 2025
Eve Air Mobility is funded through 2026, the Brazilian eVTOL developer has confirmed, with its remotely-piloted engineering demonstrator to make its first flight by the middle of 2025. With the first of five conforming prototypes to commence construction this year, an upcoming crewed aircraft is also set to start its flight test campaign in 2026.
Funded through 2026
As Embraer spin-off Eve continues the development of its four-passenger eVTOL aircraft, Eve CEO Johan Borbey explained his confidence in the company’s fiscal strategy as it moves towards first flight. Speaking during Eve’s Q4 2024 earnings call, “we feel comfortable that our financial position is sufficient to fund our research and development and operations through 2026,” he revealed.
In 2024, Eve raised a total of $270 million through a mix of fresh capital and credit and equity investments, closing the year with a liquidity position of around $430 million (up from $241 million at the close of 2023). This, explained Borbey, “is above our peers and gives us confidence to advance the programme to certification”. In 2024, Eve consumed around $141 million – close to the lower estimate of its $130-$170 million annual guidance – although this is expected to rise between $200-$250 million (depending on the currency, with Embraer noting that the US dollar appreciation vs the Brazilian Real had a positive effect in 2024).
As well allowing Eve to continue funding its general expenses, research and development efforts, this “solid equity position” will also allow Eve to invest in its first manufacturing facility; equipping an existing site leased from Embraer. The majority of an estimated $100 million total (with the money already secured via 2024’s 16-year agreement with the Brazilian Development Bank) will be spent in 2026, although $30 million is likely to be earmarked for 2025. Around 1,000 people are already working on the programme, comprising 800 Embraer engineers and a further 200 people at Eve.
First flights on the horizon
Meanwhile, Eve is set to make the first flight of its full-scale engineering prototype by mid-2025, which – having been used for various ground-based tests so far – “will be used to validate and improve the accuracy in previous subscale and computer models”. This remotely-operated craft will initially perform hover flights, gradually increasing in power and height, before moving to a partial transition; engaging the pusher motor without fully disengaging the lifters. Full forward transition will then follow.
“The idea was that by doing these simplifications, we could advance the development of this engineering prototype,” confirmed Eve chief technical officer Luis Valentini. Eve expects to use five conforming aircraft for its subsequent certification campaign (starting in 2026), the first of which is to commence construction this year. Describing the quantity as “very similar to what Embraer has used in previous [aircraft] development programmes,” Valentini elaborated that five units will strike a balance between having “representation in all of the vehicle characters” while also “not having too much investment and too much of a fleet to manage”.
Looking forwards
Eve’s total pre-order backlog stands at approximately 2,800 LOIs, comprising 28 customers in nine countries, and offering a total value close to $14 billion based on list price. Eve also has 14 contracts with different customers for its Eve TechCare suite of fully integrated aftermarket products, launched in October 202, and covering around 40% of the pre-order book. Additionally, 21 customers have signed up for Eve’s proprietary platform-agnostic air traffic management solution Vector, trialled during a five day simulation in São Paulo to “very positive feedback from [Eve’s] partner and customer, Revo,” explained Borbey.
“I believe this reflects the market leading valuable position that we bring to our customers,” he continued, concluding: “We’re the only eVTOL company with a complete solution that includes design, development, manufacturing [and] sales of an eVTOL as well as maintenance services and air traffic control”. Ahead of its anticipated entry into service, Eve also continues to be “highly engaged with certification agencies and [it is] keeping a good and constant dialogue with ANAC in Brazil to define the certification plan,” he added.
