eVTOL developer Eve Air Mobility secures $150 Million
Just before Christmas, Eve Air Mobility demonstrated its progress in developing its air taxi by announcing the first flight of its full-scale unmanned eVTOL prototype at Embraer’s test site in Gavião Peixoto, São Paulo State, Brazil. The acronym eVTOL stands for electric vertical take-off and landing aircraft—a category that many startups believe will soon revolutionise aviation.
To advance its research and development, as well as the integration of its eVTOL into a comprehensive urban air mobility ecosystem, Eve Air Mobility has now secured additional funding. A consortium comprising Itaú, Banco do Brasil, Citibank, and Mitsubishi UFJ Financial Group has provided the company with a five-year loan of $150 million. With this transaction, Eve’s total funding now stands at $1.2 billion.
“This successful debt raise represents a significant milestone for Eve and a strong endorsement of our leadership in shaping the future of urban air mobility,” said Eduardo Couto, chief financial officer at Eve Air Mobility. “The confidence of large banks reinforces our commitment to delivering a fully integrated eVTOL ecosystem. This financing provides long-term resources necessary to accelerate development, advance certification, and execute our strategic roadmap through 2028 and beyond.”
Eve Air Mobility refers to its first eVTOL model simply as ‘Eve.’ Following the initial unmanned tests, the aircraft will next be flown with a pilot on board. In the initial commercial phase, up to four passengers will accompany the pilot. Later, Eve Air Mobility plans to operate autonomous flights with six passengers, subject to the creation of the necessary regulatory frameworks.
Technologically, Eve Air Mobility relies on fly-by-wire systems, meaning the pilot controls the aircraft electronically rather than mechanically. The eVTOL features eight rotors and a pusher motor supplied by competitor Beta Technologies. The aircraft is designed to reach speeds of approximately 200 km/h and a range of around 100 kilometres.
Deliveries to begin in 2027
Eve plans to manufacture six conforming prototypes for its flight test campaign, with the goal of achieving certification. The company remains in close dialogue with the Brazilian Civil Aviation Agency (ANAC), the primary certification authority for Eve’s eVTOL aircraft, to advance the certification process. Eve expects to obtain type certification, commence deliveries, and begin operations in 2027.
To date, no company worldwide has successfully brought eVTOLs to market at scale. Currently, China’s EHang is leading the race, having already obtained type and production certificates for its autonomous eVTOLs and operating limited commercial flights, primarily in tourism and urban demonstration projects. In the US, Joby Aviation, Archer, and Beta Technologies are on the verge of market entry. Meanwhile, the two German startups Lilium and Volocopter have filed for insolvency. US rival Archer has since acquired Lilium’s patents, and the Austrian-Chinese aircraft manufacturer Diamond Aircraft has taken over Volocopter.
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