Eve Air Mobility, Embraer’s subsidiary company for the manufacture of electric air vehicles and the development of sustainable mobility solutions, will receive financial support from the Brazilian State to advance the development of electric vertical take-off and landing (eVTOL) aircraft.
Through two credit lines granted by the Brazilian National Bank for Economic and Social Development (BNDES), the company will receive a total of 92.5 million dollars. According to Eve Air Mobility in a press release, the terms of the credit would include a twelve-year maturity and amortisation period. In that sense, the term would be adjusted to cash flow needs.
However, the financing is still subject to negotiation and execution of definitive agreements between Embraer’s subsidiary and the federal public company.
State support for the development of electric air vehicles
In principle, the “Climate Fund” (Fundo Nacional Sobre Mudança Climática) would grant the first line of credit. This is a BNDES programme aimed at providing financing to support companies and projects that contribute to reducing greenhouse gas emissions and mitigating climate change.
The programme, which favours the acquisition of machinery and equipment, as well as the development of new technologies for the reduction of emissions, has nine sub-programmes: one of them is dedicated to urban mobility, Eve Air Mobility’s main area of activity, and other sustainability improvements in cities.
On the other hand, the “Fund for Innovation Ventures” (Financiamento a Empreendimentos de Inovação) would provide the second line of credit. This is a long-term financing programme for disruptive industrial projects that lead to environmental and social improvements.
“We appreciate the confidence and support that BNDES is showing to Eve as we continue to progress the development of a zero-emission aircraft”, said André Stein, co-CEO of the company. “Not only will this foster innovation, but will support the emergence of a more sustainable form of aviation, our eVTOL aircraft, which will transform the industry and urban air mobility”, he added.
See also: Urban air mobility in India: new strategic partnership between Eve and Blade
