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Eve Air Mobility Announces “USD50 Million Bank Loan to Support eVTOL Development”

Last week’s news that Lilium’s prin­ci­pal sub­sidiaries are start­ing admin­is­tra­tion pro­ceed­ings, sent shock waves through the eVTOL Indus­try. And why, since, lead­ing play­ers like Joby, Archer and Ver­ti­cal Aero­space have sent word of impend­ing addi­tion­al funds, so as to calm investors and the Stock Mar­ket.

Eve Air Mobil­i­ty is the lat­est, announc­ing this week an addi­tion­al USD50 mil­lion bank loan from Citibank to strength­en the company’s bal­ance sheet and sup­port its eVTOL Air­craft R&D pro­gram, reports a press release. 

The release explains, “With this addi­tion­al loan, Eve’s 2Q24 pro-for­ma liq­uid­i­ty increas­es to  around USD480 mil­lion, when com­bined with recent­ly announced USD95.6 mil­lion in equi­ty financ­ing from a diverse group of glob­al indus­tri­al com­pa­nies and finan­cial investors in July 2024.” 

It con­tin­ues, “Eve also recent­ly announced a new USD88 mil­lion cred­it line agree­ment with Brazil’s Nation­al Devel­op­ment Bank (BNDES) to fund the devel­op­ment of the company’s air­craft pro­duc­tion facil­i­ty in Taubaté, in the state of São Paulo, Brazil.”

Eduar­do Couto, CFO at Eve, com­ment­ed, “We con­tin­ue to attract new investors, a sign of the increas­ing con­fi­dence in our strate­gic plan, the strong cus­tomer inter­est in our eVTOL air­craft, ser­vices, oper­a­tions solu­tions and our Vec­tor urban air traf­fic man­age­ment soft­ware solu­tion.”

He con­tin­ued, “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 (AAM) indus­try.” 

The release points out, “With the AAM’s largest pre-order book with Let­ters of Intent for 2,900 air­craft, a diverse group of sup­pli­ers and pro­gram devel­op­ment part­ners and the back­ing of Embraer, the world’s third largest air­craft man­u­fac­tur­er, Eve con­tin­ues to demon­strate attrac­tive oppor­tu­ni­ties for both strate­gic and finan­cial investors.”

The com­pa­ny unveiled its first full-scale eVTOL pro­to­type this sum­mer at the UK’s Farn­bor­ough Air­show. The com­pa­ny is work­ing towards a com­pre­hen­sive tri­al cam­paign, while con­tin­u­ing to devel­op a wide-rang­ing port­fo­lio of agnos­tic ser­vices and oper­a­tions solu­tions, includ­ing Vec­tor, a unique Urban Air Traf­fic Man­age­ment soft­ware to opti­mise and scale AAM oper­a­tions world­wide.  

For more infor­ma­tion

www.eveairmobility.com

(Top image: Eve air Mobil­i­ty)

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