Eve Air Mobility Secures $94M in New Equity Financing for eVTOL Development

Eve Air Mobility, a global electric vertical take-off and landing (eVTOL) aircraft manufacturer and services provider, has announced $94 million in new equity financing from multiple investors.

This funding includes the issuance of new shares of common stock and warrants, with participation from a diverse group of global industrial companies, including Embraer and Nidec, as well as additional financial investors.

The company has entered into agreements, dated June 28, 2024, for the issuance and sale of 23,500,000 new shares of common stock at a purchase price of $4.00 per share, the exchange of certain warrants for shares of common stock, and the granting of warrants to certain investors. This private placement is expected to yield gross proceeds of $94 million, before deducting other offering expenses.

The equity funding is expected to close over the coming weeks, subject to customary closing conditions. Further details regarding the equity funding can be found in a Form 8-K filed by Eve with the Securities and Exchange Commission (SEC).

Eve’s eVTOL aircraft employs eight dedicated propellers for vertical flight and fixed wings for cruise, with no positional changes of these components during flight. The aircraft includes an electric pusher powered by dual electric motors, providing propulsion redundancy aimed at ensuring high performance and safety. Advantages of this design include lower operational costs, fewer parts, optimized structures and systems, efficient thrust, and low noise.

The company is nearing the completion of its first full-scale eVTOL prototype, which will be followed by a test campaign. Concurrently, Eve is developing a comprehensive portfolio of agnostic services and operations solutions, including Vector, a unique Urban Air Traffic Management software designed to optimize and scale Advanced Air Mobility operations worldwide.

Eve has engaged Bradesco BBI as its exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom as its legal advisor.

The securities being sold in this equity financing have not been registered under the Securities Act of 1933 or state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The company has agreed to file a registration statement with the SEC covering the resale of the shares and the shares underlying the warrants issuable in connection with the private placement.