Embraer-backed urban air mobility company Eve Air Mobility has secured $94 million in fresh financing from multiple investors that will close in “the coming weeks”.

The Florida-based company said on 1 July that the funding includes the issuance of new stock as well as warrants, and “includes participation from a diverse group of global industrial companies that include Embraer, Nidec and additional financial investors”. The cash will help finance continued development of the company’s electric vertical take-off and landing (eVTOL) vehicle.


Source: Eve

Eve’s first prototype is being assembled in Brazil

“We appreciate the confidence that these investors are placing in Eve,” Eduardo Couto, Eve’s chief financial officer, says. “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.”

The company says it has a pre-order book with letters of intent for 2,900 of its piloted, four-passenger air taxis. Eve says that is the industry’s largest tentative orderbook.

Eve is assembling its first full-scale prototype in Brazil, after which it intends to begin a test campaign. The start-up had previously disclosed plans to start flight testing its first prototype this year, and to assemble a conforming prototype in 2025.

Eve’s design has eight propellers to provide vertical flight and a pusher propeller for wing-borne forward flight. Unlike tiltrotor designs of rival US air taxi makers Archer Aviation and Joby Aviation, the position of the aircraft’s propellers will not change during its transition from vertical to forward flight.

Eve maintains that its piloted, four-passenger air taxi is on track to clear certification first with Brazilian aviation authorities and to enter service in 2026.