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

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(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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