Eve receives further $35 million loan from BNDES
December 2, 2024
The allocation of a further $35 million loan from BNDES builds on an agreement for $88 million announced in 2024 to support the development of Eve’s manufacturing facility in Brazil, with this second round of national investment to “be allocated to manufacturing Eve’s conforming prototypes and, subsequently, the commercial vehicle,” explained Eve.
The second-phase funding (following a $92.5 million line of credit secured in 2022 for ongoing research and development work) was sourced from BNDES’ Climate Fund Program. This initiative – created in 2009 – lists Urban Mobility as one of its ten key sub-programmes; offering support for “projects that will reduce the emission of greenhouse gases and local pollutants in the urban public transport and improve urban mobility in metropolitan areas”.
Eve’s balance street was strengthened still further in recent months with a $50 million loan from Citibank, announced in October. Describing the “continued support” from BNDES as “highly significant,” Eve CEO Johann Bordais explained: “This funding strengthens our financial position even more and provides the resources necessary to achieve our key milestones, including certification and the commercialisation of our eVTOL”.
Eve chief financial officer Eduardo Couto added: “Our disciplined capital management and enhanced financial foundation provide the stability and resources necessary to execute our long-term strategic plan and deliver sustainable value to our shareholders as we bring our eVTOL to market”. As of the close of Q3 2024, Eve’s liquidity reached $305 million, including $25 million from the BNDES R&D standby facility available – with the company expecting a total cash consumption of between $130 and $170 million for the full year 2024.
With Brazil’s National Civil Aviation Agency (ANAC) having published the final version of the airworthiness criteria for Eve’s eVTOL last months, Eve continues to progress with development of its crewed, four-passenger aircraft, which will be built in São Paulo. Eve expects to construct up to 480 aircraft per year, incrementally expanding its production facility in Taubaté with four equally-sized modules each capable of producing 120 aircraft annually.
