The National Bank for Economic and Social Development (BNDES) approved financing to Eve Soluções de Mobilidade Aérea Urbana Ltda (Eve), an independent company founded by Embraer, for the first phase of the development of electric vertical take-off and landing aircraft (eVTOL from the acronym in English). Also known as a flying car, Eve's eVTOL will be designed to perform urban flights and will provide lower noise levels and greater sustainability compared to traditional vehicles. With zero local emissions, the vehicle should be available on the market from 2026.

The BNDES will finance R$ 490 million in investments, corresponding to 75% of the total invested in this phase of the project's development, focused on research and development (R&D), which is R$ 652 million. Of this amount, R$80 million will come from the BNDES Fundo Clima Program (Urban Mobility subprogram) and R$410 million will come from the Finem Line – Incentivized A/Inovation.

The vehicle will be 100% battery electric and will initially be capable of transporting four passengers plus the pilot for a distance of up to 100 kilometers. The noise emitted by the aircraft will be up to 90% lower than that of helicopters.

The urban air mobility market will be driven in the coming decades by factors such as growing urban populations, land space limitations and high costs of infrastructure improvement, as well as high local pollution rates from traditional means of transport. With innovative technology, eVTOLs will enable short trips faster than traditional means and with zero local emissions of greenhouse gases.

“We are very proud of BNDES' support for the development of eVTOL. The operation is especially emblematic in the context of the Climate Fund, as it contemplates the development of a disruptive product that will mitigate the emission of greenhouse gases. This is a huge innovative effort carried out in Brazil by highly qualified engineers. The successful development of the eVTOL will allow entry into a highly technologically intensive market segment. It is worth mentioning that this operation constitutes another milestone in the long strategic partnership between the BNDES and Embraer, which began in 1997”, comments Bruno Aranha, director of productive and socio-environmental credit at the BNDES.

“We are very happy with the trust and support that BNDES has shown to Eve, as we move forward in the development of our zero-emissions electric aircraft and continue to commit to carbon neutrality throughout the aircraft's lifecycle,” said André Stein, co-CEO of Eve. “This support will not only accelerate innovation, but also the rise of a new, more sustainable form of aviation with eVTOL aircraft, helping to transform industry and urban mobility, and reducing noise pollution and the cost of urban flying. BNDES will be a fundamental partner for us to complete the development of our portfolio of products and services.”

The consummation of the financing is subject to the fulfillment of prior conditions established by the BNDES, among others, and the signature of the respective contract.

About Eve – Founded in 2021, the company is dedicated to accelerating the Urban Air Mobility (UAM) ecosystem. Benefiting from a startup mentality, supported by more than 50 years of aerospace experience from Embraer S.A. and with a singular focus, Eve takes a holistic approach to advancing the UAM ecosystem, with an advanced eVTOL design, a comprehensive global service and support network, and a unique air traffic management solution. As of May 10, 2022, Eve is listed on the New York Stock Exchange, where its common stock and public bonds are traded under the tickers “EVEX” and “EVEXW”. For more information, visit www.eveairmobility.com.