Eve Air Mobility Raises US$94 Million in New Equity Financing

Dark/Light Mode (02/07/24)  Eve Air Mobility, a global electric vertical take-off and landing (eVTOL) aircraft manufacturer and services provider, has raised US$94 million in new equity financing from multiple investors.

The funding, which includes the issuance of new shares of common stock and warrants, includes participation from a diverse group of global industrial companies that include Embraer, Nidec and additional financial investors.

“We appreciate the confidence that these investors are placing in Eve. The new equity, along with existing cash and credit lines, ensures Eve is well positioned as we continue to build momentum and advance in the development and manufacturing of our eVTOL,” said Eduardo Couto, Chief Financial Officer at Eve Air Mobility. “With the industry’s largest pre-order book with letters of intent for 2,900 aircraft and strong program development partners, Eve has continued to demonstrate the opportunity that our company presents for both strategic and financial investors.”

Eve Air Mobility's eVTOL prototype

The company entered into agreements, dated as of 28 June 2024, for the issuance and sale of 23,500,000 new shares of the company’s common stock at a purchase price of US$4.00 per share, the exchange of certain warrants for shares of common stock, and the granting of warrants to certain investors.

The private placement is expected to result in gross proceeds to Eve of US$94 million, before deducting other offering expenses.

The equity funding is expected to close over the coming weeks, subject to the satisfaction of customary closing conditions.

The company has engaged Bradesco BBI as its exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom as its legal advisor.

Eve’s eVTOL Aircraft

The company is completing assembly of its first full-scale eVTOL prototype which will be followed by a test campaign.

Eve’s eVTOL aircraft has eight dedicated propellers for vertical flight and fixed wings to fly in cruise, with no change in the position of those components during flight. The concept includes an electric pusher powered by dual electric motors that provide propulsion redundancy.

Concurrently, Eve continues to develop a comprehensive portfolio of agnostic services and operations solutions, including Vector, a unique Urban Air Traffic Management software to optimize and scale Advanced Air Mobility operations worldwide.

See also: Urban Air Mobility, eVTOL and ATC - HD Video Interview with Yannick Assouad PhD, EVP Avionics, Thales.

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