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Eve Urban Air Mobility Solutions, Inc.

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Brazil grants Eve credit lines for eVTOL programme
Brazil’s National Development Bank has approved two credit lines up to the value of $92.5m to support Eve’s eVTOL development programme.
The two distinct credit lines position Brazil's development bank as a critical partner in the completion of Eve's products and services.
Read this story in our January 2023 printed issue.

Brazil's National Development Bank (BNDES) is to support Eve Air Mobility's eVTOL development efforts with two distinct credit lines totalling $92.5 million. Both credit lines are expected to offer beneficial terms and conditions to Eve with a 12 year maturity and amortisation grace period. The financing is subject to the negotiation and execution of definitive agreements and the satisfaction of certain conditions.

The first credit line is expected to be granted by the Climate Fund (Fundo Nacional Sobre Mudança Climática). This is a BNDES programme designed to provide financing to support businesses and projects that help mitigate climate change and reduce carbon emissions, with urban mobility as one of its nine sub-programmes. The Climate Fund helps with the funding of entrepreneurial projects, the acquisition of machinery and equipment, as well as the development of technologies to reduce carbon and greenhouse-gas emissions. In addition to urban mobility, the fund also focuses on sustainable cities and climate change, efficient machinery and equipment, renewable energy, solid residue, charcoal, native forestry, carbon management and services, and innovative projects.

The second line of credit is expected to be granted by the Innovation Finance (Financiamento a Empreendimentos de Inovação or FINEM Inovação), a BNDES programme that provides long term funding for disruptive industrial projects that generate social benefits, such as urban mobility, energy generation, education and sewage, among others.

“We appreciate the confidence and support that BNDES is showing to Eve as we continue to progress the development of a zero-emission aircraft with a commitment to a full-life cycle approach towards carbon neutrality,” says co-CEO André Stein. “Not only will this foster innovation, but will support the emergence of a more sustainable form of aviation, our eVTOL aircraft, which will transform the industry and urban air mobility, reducing noise and the cost of flying. BNDES will be a critical partner to help Eve complete the design of our portfolio of products and services.”

“We are very proud of BNDES' support for the development of Eve's eVTOL," adds BNDES director of productive and socio-environmental credit Bruno Aranha. "This operation is particularly representative in the Climate Fund context, as it involves the development of a disruptive product that will mitigate the emission of greenhouse gases. It is a massive innovative effort carried out in Brazil by highly qualified engineers. The successful development of the eVTOL will allow entry into a highly technologically intensive market segment. It is also worth mentioning that this operation represents another milestone in the long strategic partnership between the BNDES and Embraer, which began in 1997.”

“The support from BNDES is a perfect fit for our project, considering the characteristics of these lines of credit and the bank's mission to foster a cleaner form of transportation," says Eve CFO Eduardo Couto. "These credit lines are expected to have a long term profile that matches Eve's cash flow needs and strengthens our balance sheet. Upon completion of the funding from BNDES, Eve will have a more efficient capital structure with both debt and equity funding for the continued development of our portfolio of solutions for the urban air mobility ecosystem. We believe that a more balanced capital structure is in the best interest of our shareholders and will help create long term value.”

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