Eve Air Mobility secures $50 million loan
October 30, 2024
Eve Air Mobility has secured a $50 million loan from Citibank, further strengthening its liquidity and extending its cash runway as it continues the development of its eVTOL.
The funding builds on a new $88 million credit line agreement from Brazil’s National Development Bank (BNDES), announced a fortnight ago, along with an additional $95.6 million in equity financing from “a diverse group of global industrial companies and financial investors in July 2024”.
Eve Air Mobility chief financial officer Eduardo Couto said that investors’ ongoing appetite for Eve represents continued confidence in the company’s strategic plan. “The bank loan, along with existing cash and credit lines, ensures that Eve remains well capitalised with a comfortable balance sheet and one of the highest cash runways in the advanced air mobility industry,” he explained.
With Eve to scale production at its factory in Taubaté, in the state of São Paulo, Brazil, its modular facility is designed to increase in increments of 120 aircraft towards an expected total annual output of 480 units a year. The company has already received LOIs for what it describes as the advanced air mobility industry’s largest pre-order book with letters or intent for 2,900 aircraft.
Lilium’s successful financing agreement comes shortly after rival air taxi manufacturer Lilium failed to secure a backing from the German government for its own €50 million loan, causing the company to apply for insolvency and self-administration.
