Eve Air Mobility has received a $50 million loan from Citibank which will strengthen its balance sheet and support its aircraft research and development programme.

With this additional loan, Eve’s 2Q24 pro-forma liquidity increases to around $480 million when combined with the recent $95.6 million in equity financing from a group of global industrial companies and financial investors in July 2024. Eve also recently agreed a new $88 million credit line agreement with Brazil's National Development Bank (BNDES) to fund the development of its aircraft production facility in Taubaté, in the state of São Paulo, Brazil.

“Eve continues to attract new investors, a sign of the continued confidence in our strategic plan, strong customer interest in our eVTOL aircraft, services, operations solutions and our Vector urban air traffic management software solution,” says chief financial officer Eduardo Couto. “The bank loan, along with existing cash and credit lines, ensures that Eve remains well capitalised with a comfortable balance sheet and with one of the highest cash runways in the advanced air mobility industry. We are continuing to advance in the development and manufacturing of our eVTOL.”

Eve’s pre-order book contains letters of intent for 2,900 aircraft and, along with a diverse group of suppliers and programme development partners and the backing of Embraer, the company 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).

Eve’s eVTOL aircraft utilises eight dedicated propellers for vertical flight and fixed wings to fly in cruise. The concept includes an electric pusher powered by dual electric motors that provide propulsion redundancy. While offering numerous advantages, including lower cost of operation, fewer parts, optimised structures and systems, it has been developed to offer efficient thrust with low noise.

The company unveiled its first full-scale eVTOL prototype this past summer at the Farnborough Air Show and is now working to prepare the aircraft for a comprehensive test campaign. Concurrently, Eve continues to develop a comprehensive portfolio of agnostic services and operations solutions, including Vector, an urban air traffic management software to optimise and scale advanced air mobility operations worldwide.