Eve receives $88 million loan from BNDES to fund new factory
October 15, 2024
Eve Air Mobility has secured a $88 million loan agreement with Brazil’s National Development Bank (BNDES) to fund an eVTOL production facility in the city of Tabuté, São Paulo, Brazil.
“This financing will be instrumental in setting up our own eVTOL manufacturing facility, which will be not only the first of its kind in Brazil but also powered by clean, renewable energy,” explained Eve CEO Johann Bordais. The modular factory is expected to be able to produce up to 480 aircraft a year, distributed throughout four equally sized modules of 120 aircraft per year.
Financing for the manufacturing facility builds on Eve and BNDES’ ongoing partnership, following the 2022 approval of a 92.5 million line of credit to support Eve’s eVTOL development programme. The new funding agreement has a maturity of 16 years and is structured by sub-credits from domestic and international sources.
“The financing reinforces the commitment of President Lula’s government to support innovative projects in Brazilian industry, such as air mobility, which uses high technological intensity,” explained BNDES president Aloizio Mercadante.
The location of Eve’s first production facility was unveiled in July 2023, with the factory to be situated on a designated portion of land within parent company Embraer’s existing unit. The two companies described the site as benefiting from “strategic logistical location, offering easy access via two highways and close proximity to a railroad,” alongside geographical proximity to Embraer’s headquarters in São José dos Campos.
