Eve is to build the first factory for its eVTOL aircraft in São Paulo, Brazil.
The Embraer company has secured a US$88 million loan from Brazil’s National Development Bank (BNDES) to fund the production facility in Taubaté, in the state of São Paulo.
The total expected output of the factory will ramp up to 480 aircraft per year, with the site’s production capacity expanded at a rate of 120 aircraft per year “as the market grows” said Eve.
According to Eve it has the largest number of letters of intent (LOI) to buy eVTOLs with 2,900 LOIs for its eVTOL from 30 customers worth US$14.5 billion in revenue.
The first full-scale prototype of Eve’s eVTOL aircraft was revealed in July this year. The aircraft has eight propellers for vertical flight and fixed wings for cruise, with no change in the position of these components during flight.
The concept also features an electrically powered pusher for redundancy and to ensure high performance levels, safety, dispatch reliability, and low operation costs.
Johann Bordais, CEO of Eve said, “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.”
The manufacturing facility financing builds upon the successful partnership between Eve and BNDES following the 2022 approval of a US$92.5 million line of credit to support Eve’s eVTOL development program.
Eduardo Couto, chief financial officer of Eve said, “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,”
