Eve Air Mobility Secures $50M Bank Loan to Support eVTOL Development
London, October 30, 2024, (Oilandgaspress) ––– Eve Air Mobility, a global electric vertical take-off and landing (eVTOL) aircraft manufacturer and services provider, has announced a $50M loan from Citibank N.A. (“Citibank”). The funding, which will strengthen Eve’s balance sheet, will support the company’s aircraft research and development program.
With this additional loan, Eve’s 2Q24 pro-forma liquidity increases to ~$480 million, when combined with recently announced $95.6 million in equity financing from a diverse group of global industrial companies and financial investors in July 2024. Eve also recently announced a new $88 million credit line agreement with Brazil’s National Development Bank (BNDES) to fund the development of the company’s aircraft production facility in Taubaté, in the state of São Paulo, Brazil.
With the AAM industry’s largest pre-order book with letters of intent for 2,900 aircraft, a diverse group of suppliers and program development partners and the backing of Embraer, the world’s third largest aircraft manufacturer, Eve continues to demonstrate attractive opportunities for both strategic and financial investors.
Additional details regarding the loan are included in a Form 8-K filed on October 29 by Eve with the Securities and Exchange Commission (“SEC”).
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