$94 million of new equity to support Eve eVTOL development
Eve Air Mobility has announced $94 million in new equity financing from multiple investors to support the ongoing development and manufacturing of its Eve eVTOL.
Participators in the funding (which…
July 1, 2024
Eve Air Mobility has announced $94 million in new equity financing from multiple investors to support the ongoing development and manufacturing of its Eve eVTOL.
Participators in the funding (which includes the issuance of 23.5 million new shares of common stock and warrants) include Embraer, Nidec and additional financial investors. Shares will be offered at a purchase piece of $4 apiece, which when combined with the granting of warrants to certain investors, is expected to result in gross proceeds of $94 million.
Nidec Aerospace’s investment accounts for $20 million, with the company (itself a joint venture with Embraer) to provide the eVTOL’s electric propulsion system. “We view this investment in Eve as a confirmation of our confidence in Nidec’s aerospace strategy,” commented Vincent Braley, CEO of Nidec Aerospace.
Eve Air Mobility states that the new funding “strongly positions the company for future success,” with chief financial officer Eduardo Couto adding: “Eve is well positioned as we continue to build momentum and advance in the development and manufacturing of our eVTOL”. The company hopes to perform its first full-scale prototype flight test by the end of the year, with type certification and the start of series production slated for 2026.
“With the industry’s largest pre-order book with letters of intent for 2,900 aircraft and strong programme development partners, Eve has continued to demonstrate the opportunity that our company presents for both strategic and financial partners,” concluded Couto.
Following this investment, Embraer – Eve’s parent company, which spun off its eVTOL subsidiary into a standalone entity in 2017 – will still own over 80% of Eve’s shares.
