Eve Air Mobility, a prominent player in the electric vertical take-off and landing (eVTOL) aircraft sector, has secured a significant boost with $94 million in new equity financing. This funding round draws support from a variety of global industrial giants, including Embraer, Nidec, and several financial investors, marking a pivotal step in the company’s advancement.
The financing involves the issuance of 23,500,000 new shares at $4.00 each, along with the conversion of certain warrants into shares and the issuance of new warrants. This move not only diversifies the company’s investment base but also strengthens its financial foundation, enhancing its capacity to further its eVTOL development and manufacturing efforts.
Eve Air Mobility’s CFO, Eduardo Couto, expressed gratitude for the investors’ trust, stating, “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.” He highlighted the company’s solid market position, bolstered by pre-orders and intent letters for 2,900 aircraft and robust program development partnerships.
The new influx of capital is earmarked to support the ongoing assembly of Eve’s first full-scale eVTOL prototype and to propel its test campaign. The company is also enhancing its suite of agnostic services and operations solutions, including Vector, a cutting-edge Urban Air Traffic Management software designed to optimize and scale Advanced Air Mobility operations globally.
Eve’s innovative eVTOL design features eight dedicated propellers for vertical lift and fixed wings for cruise flight, maintaining the same configuration throughout the flight. This design focuses on efficiency, safety, and noise reduction, promising lower operational costs and fewer mechanical complexities.
The equity funding is slated for closure in the forthcoming weeks, pending standard closing conditions. Details regarding the transaction are documented in a Form 8-K filed with the Securities and Exchange Commission (“SEC”).
Moreover, the securities issued in this funding round are not registered under the Securities Act of 1933 or state securities laws. They cannot be offered or sold in the U.S. without SEC registration or an applicable exemption. The company has committed to filing a registration statement with the SEC for the resale of the shares and the shares underlying the warrants issued in the private placement.
Bradesco BBI has been enlisted as Eve’s exclusive financial advisor for this transaction, with legal advice provided by Skadden, Arps, Slate, Meagher & Flom. This strategic collaboration underscores Eve’s meticulous approach in navigating complex financial landscapes, ensuring compliance, and securing its growth trajectory in the burgeoning field of Advanced Air Mobility.