Eve Air Mobility has secured $94 million in fresh equity financing from a group of investors, including global industrial leaders such as Embraer and Nidec. The funding, which involves the issuance of new common stock and warrants, will support Eve’s ongoing efforts in the development and production of its eVTOL aircraft. This investment positions Eve for future growth and strengthens its commitment to advancing the eVTOL sector.
“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.”
On June 28, 2024, Eve Air Mobility finalized agreements for a private placement involving the issuance and sale of 23,500,000 new shares of its common stock at $4.00 per share. The agreement also includes the exchange of specific warrants for common stock shares and the issuance of new warrants to selected investors. This private placement is anticipated to generate gross proceeds of approximately $94 million for Eve, excluding associated offering expenses.
The equity funding is expected to finalize in the coming weeks, pending the fulfillment of standard closing requirements. Further information on this funding can be found in Eve’s Form 8-K submission to the Securities and Exchange Commission (“SEC”).
Eve’s eVTOL aircraft features eight dedicated propellers for vertical flight and fixed wings for cruising, maintaining consistent component positioning throughout flight. The design incorporates an electric pusher driven by dual electric motors, ensuring redundancy in propulsion to maximize performance and safety. The aircraft offers numerous benefits, such as reduced operational costs, streamlined components, optimized structures, and systems designed for efficient thrust and minimal noise emissions.
The company is nearing completion of assembly on its inaugural full-scale eVTOL prototype, followed by an upcoming testing phase. Simultaneously, Eve is advancing a diverse range of service and operational solutions, including Vector—an innovative Urban Air Traffic Management software designed to optimize and expand Advanced Air Mobility initiatives globally.
Eve has appointed Bradesco BBI as its exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom as its legal advisor. The securities offered in the equity financing have not been registered under the Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration requirements. The company has committed to filing a registration statement with the SEC to cover the resale of the shares and warrants issued in connection with the Private Placement.
