Eve Air Mobility Announces $50 Million Loan from Citi and Partnership with Embraer-CAE Training Services

(Melbourne, Florida). Electric vertical take-off and landing (eVTOL) aircraft manufacturer Eve Air Mobility (NYSE: EVEX; EVEXW) announced today that it received a $50 million loan from Citigroup (NYSE: C)-owned Citibank N.A., and that Embraer-CAE Training Services (ECTS), a joint venture between Embraer (NYSE: ERJ; B3: EMBR3) and CAE Inc. (NYSE: CAE), has been selected as the training provider for Eve’s eVTOL aircraft pilots, maintenance technicians and ground handling personnel.

Photo of Eve Air Mobility’s forthcoming electric vertical take-off and landing (eVTOL) aircraft courtesy of Eve Air Mobility.

The funding from Citi, which will strengthen Eve’s balance sheet, will support the company’s research and development program, according to yesterday’s press release from Eve.

With the additional loan, Eve’s 2Q24 pro-forma liquidity increases to ~$480 million, when combined with a recently-announced $95.6 million in equity financing from a diverse group of global industrial companies and financial investors in July 2024. Eve also recently announced a new $88 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.

The news comes in the wake of eVTOL developer Lilium’s (NASDAQ: LILM) recent bankruptcy filing after failing to secure critical funding from the German government just last week.

“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,” said Eduardo Couto, chief financial officer at Eve Air Mobility. “The bank loan, along with existing cash and credit lines, ensures that Eve remains well capitalized with a comfortable balance sheet and with one of the highest cash runways in the advanced air mobility (AAM)industry. We are continuing to advance in the development and manufacturing of our eVTOL.” 

Per Eve, the company maintains the advanced air mobility (AAM) industry’s largest pre-order book with letters of intent for 2,900 aircraft. The company unveiled its first full-scale eVTOL prototype this past summer at the Farnborough Air Show; its eVTOL aircraft utilizes eight ducted propellers for vertical flight and fixed wings to fly in cruise, with no change in the position of the components during flight.

As for the partnership between Eve and Embraer-CAE, the training program will be part of Eve’s recently announced Eve TechCare, Eve’s all-in-one service portfolio for eVTOLs, according to Embraer.

“We are excited to embark on this journey with Eve Air Mobility to usher in a new era of flight,” said Carlos Naufel, President & CEO Embraer Services & Support and ECTS Chairman, according to today’s press release from Eve. “As the training provider for Eve Air Mobility, ECTS will ensure pilots, maintenance technicians and ground personnel receive specialized training and acquire the skill and confidence to safely operate Eve’s eVTOL in and around the world’s busiest urban centres.”