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Business Air News Bulletin
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Eve Urban Air Mobility Solutions, Inc.

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Eve receives long-term ESG financing guarantee from Bradesco Bank
Eve has been given around $2m in green financing by Brazil's Bradesco bank. This could serve as a reference for other companies that wish to adopt more sustainable practices, an increasing trend in the credit market.
Eve's ESG financing guarantee directly reflects its commitment to sustainability, which is intrinsically linked to its corporate strategy.
Read this story in our January 2024 printed issue.

Eve Mobilidade Aérea Urbana, a subsidiary of Eve Air Mobility and a spin-off from Embraer, has been granted the first ESG financing guarantee operation by Brazil's Bradesco Bank. The loan is aligned with the Green Loans Principles (2023 version), which follows a set of guidelines for structuring loan operations for sustainable purposes. The total amount guaranteed is up to approx $2 million (R$490m) and will be allocated exclusively to the development of Eve's eVTOL.

The line of credit was approved by Brazil's National Development Bank (BNDES) from the Finem Line and the Climate Fund, whose objective is to support the implementation of projects and technological development related to the reduction of greenhouse gas emissions and adaptation to climate change and its effects.

"This is a disruptive innovation project, with high technological intensity, which seeks to address relevant problems for the whole world: the limitations of ground space with increasing population density, the high costs of mobility infrastructure and the emission of greenhouse gases," says José Luis Gordon, director of productive development, innovation and foreign trade at BNDES. "The support of BNDES, through the Climate Fund, is in line with the innovation and decarbonisation guidelines of the new industrial policies and is another important step in the long-standing partnership between BNDES and Embraer."

To date, proceeds totalling around $0.5 million (R$127m) have been issued. Bradesco will allocate new proceeds gradually, according to BNDES' disbursement to Eve, which maintains the industry's leading backlog of 2,850 eVTOL aircraft.

"It is an innovative operation and represents an important milestone in the sector, demonstrating our commitment to the decarbonisation agenda, investing in more sustainable technologies with lower emissions," says Bruno Boetger, executive director at Bradesco. "This reinforces Bradesco's partnership with Eve, which has been our partner since 2022. We believe that the ESG financing guarantee will serve as a reference for other companies that wish to adopt more responsible and sustainable practices in their business, an increasing trend in the credit market."

"At the recent COP28 in Dubai, global leaders discussed strategic actions to accelerate the reduction of global emissions by 2030. Eve's ESG financing guarantee directly reflects our commitment to sustainability, which is intrinsically linked to our corporate strategy. Our goal goes beyond offering greener solutions for urban air mobility; we are focused on building a value chain aligned with the best-in-market practices," explains EVE CFO Eduardo Couto.

Eve expects first deliveries and entry into service of its electric eVTOL aircraft as soon as 2026, and its customers include United Airlines, Republic Airways, Helisul Aviação and VOAR. To date in Brazil, Eve has orders for up to 335 units.

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