Eve Air Mobility announced that it has secured an $88 million loan agreement with Brazil’s National Development Bank (BNDES) to fund the development of its electric vertical take-off and landing (eVTOL) aircraft production facility in Taubaté, São Paulo. This financing, part of the BNDES Mais Inovação program, underscores the bank’s commitment to supporting innovative projects that advance decarbonization and the urban air mobility (UAM) industry.
“We are profoundly grateful for the continued support and confidence that BNDES has shown in Eve as we advance in our mission to reimagine mobility through efficient and sustainable urban flight experiences,” said Johann Bordais, CEO of Eve. “This financing will be instrumental in setting up our eVTOL manufacturing facility, which will be not only the first of its kind in Brazil but also powered by clean, renewable energy, aligned with our commitment to sustainability.”
This latest funding builds on the successful partnership between Eve and BNDES, which began in 2022 with a $92.5 million line of credit to support the company’s eVTOL development program. The new agreement features a 16-year maturity and incorporates sub-credits from both domestic and international sources.
“This financing strengthens Eve’s robust cash position by adding long-term financing aligned with our company profile,” stated Eduardo Couto, CFO of Eve. “As we advance our eVTOL program development and manufacturing efforts, our focus remains on delivering long-term value for our shareholders with an optimal capital structure mixing equity and debt.”
Eve’s production facility is projected to have an eventual output of up to 480 aircraft annually, with plans to expand capacity modularly in four increments of 120 aircraft each. This strategy supports disciplined and capital-efficient investments as market demand grows.
Aloizio Mercadante, president of BNDES, noted, “The financing reinforces the commitment of President Lula’s government to support innovative projects in Brazilian industry, such as air mobility, which uses high technological intensity. The BNDES has the necessary instruments to provide international competitiveness to domestic companies, exemplified by the BNDES Mais Inovação program, which has already approved BRL 8 billion in credits since 2023.”
José Luís Gordon, director of Productive Development, Innovation and Foreign Trade at BNDES, added, “Financing the capacity for innovation, with a disruptive solution for urban mobility and decarbonization, is the objective of Plano Mais Produção, the financing arm of Nova Indústria Brasil, to boost the productive sector and ensure that technological development and production occur within the national territory, generating more qualified jobs and income within the country.”
Eve currently holds the industry’s largest backlog, with letters of intent (LOI) for 2,900 eVTOLs from 30 customers across 13 countries, representing a potential $14.5 billion in sales revenue. The aircraft features eight dedicated propellers for vertical flight and fixed wings for cruise, maintaining component position throughout flight. Its design includes an electric pusher powered by dual electric motors, ensuring high performance, safety, reliability, and low operational costs.
