Soaring Towards a Sustainable Future: Eve Air Mobility Secures Landmark Financing for Brazil's eVTOL Production

In a significant stride towards revolutionizing urban air mobility, Eve Air Mobility (Eve) (NYSE: EVEX; EVEXW) has announced a groundbreaking USD$88 million loan agreement with Brazil's National Development Bank (BNDES). This financing will fuel the development of Eve's electric vertical take-off and landing (eVTOL) aircraft production facility in Taubaté, São Paulo, Brazil, marking a pivotal moment in the company's mission to redefine sustainable transportation.

Unlocking the Future of Urban Air Mobility with Innovative Financing

Empowering Eve's Sustainable Vision

The USD$88 million loan agreement with BNDES under the Mais Inovação program underscores the bank's unwavering commitment to supporting innovative projects that drive decarbonization and the growth of the urban air mobility (UAM) industry. This financing will be instrumental in establishing Eve's state-of-the-art eVTOL manufacturing facility, which will not only be the first of its kind in Brazil but also powered by clean, renewable energy – a testament to the company's dedication to sustainability.Johann Bordais, CEO of Eve, expressed profound gratitude for BNDES' continued support and confidence, stating, "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."

Strengthening Eve's Financial Position

The new funding agreement, structured by sub-credits from domestic and international sources, including BNDES' foreign currency funds, boasts a maturity of 16 years. This long-term financing aligns perfectly with Eve's company profile, as the CFO, Eduardo Couto, explains, "This financing strengthens Eve's robust cash position by adding long-term financing aligned with our company profile. 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."

Driving Innovation and Competitiveness in Brazilian Industry

The financing from BNDES reinforces the commitment of President Lula's government to support innovative projects in the Brazilian industry, particularly in the realm of air mobility, which leverages high technological intensity. Aloizio Mercadante, the president of BNDES, explains, "The BNDES has the necessary instrument to provide international competitiveness to domestic companies, which is the BNDES Mais Inovação program, which has already approved BRL 8 billion in credits since 2023."José Luís Gordon, the director of Productive Development, Innovation and Foreign Trade at BNDES, further elaborates on the bank's objective, stating, "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."

Expanding Production Capacity for Sustainable Urban Flight

With an eventual total expected output of up to 480 aircraft per year, Eve plans to expand the site's production capacity on a modular basis, with four equally sized modules of 120 aircraft per year. This disciplined, capital-efficient investment approach will enable the company to scale its operations as the market for urban air mobility continues to grow.

Leveraging Embraer's Expertise and Global Reach

Eve's eVTOL aircraft design and development benefit from Embraer's 55 years of experience in designing, certifying, and manufacturing state-of-the-art aircraft. This expertise, combined with Eve's robust backlog of 2,900 eVTOL letters of intent (LOI) from 30 customers in 13 countries, representing a potential USD$14.5 billion in sales revenue, positions the company as a formidable player in the urban air mobility market.Furthermore, Eve's customers will have access to Embraer's existing global service and support network, which is crucial for ensuring reliable, safe, and efficient UAM operations. This comprehensive ecosystem will be a key differentiator as Eve continues to push the boundaries of sustainable urban transportation.

Advancing Prototype Testing and Certification

As Eve progresses into the next phase of development, its eVTOL prototype has been undergoing a meticulous series of tests designed to assess every aspect of the aircraft's operation and performance, from flight capabilities to safety features. This rigorous testing process is a testament to the company's commitment to delivering a safe, reliable, and high-performing eVTOL solution that will transform the way people move within urban environments.