Eve to raise funds by July for its flying taxi certification

Eve, which is majority owned by Brazilian planemaker Embraer, has enough cash and borrowing facilities to fund operations through 2025, but the firm forecasts certification and entry into service in 2026

Electric aircraft maker Eve expects to raise funds as early as next month to finance operations through the certification of its flying taxi in 2026, Chief Executive Johann Bordais told Reuters.

Eve, which is majority owned by Brazilian planemaker Embraer, has enough cash and borrowing facilities to fund operations through 2025, but the firm forecasts certification and entry into service in 2026.

Eve is one of numerous startups worldwide developing battery-powered aircraft that can take off and land vertically to ferry travellers on short city trips. Its orders come from clients in countries such as Brazil, the US, India and France.

Among firms to have signed letters of intention to buy Eve’s eVTOL are U.S. carrier United Airlines, charter firms Global Crossing and Air X, as well as aircraft lessor Azorra.

Bordais did not say how much Eve wants to raise or what form the fundraising may take.

Eve debuted on the New York Stock Exchange (NYSE) in May 2022, raising nearly $400 million to develop and produce its eVTOL aircraft, a project initially slated to cost $540 million.

It later secured an additional 490 million real ($92 million) facility from Brazilian state development bank BNDES. By the end of the first quarter this year, Eve’s total liquidity sat at $280 million.

We are doing well in terms of cash, said Bordais, who took over the firm in September. Our goal, our second round of fundraising, is to guarantee it through certification.

Bordais said eVTOL’s development is on schedule. The firm recently released images of its first full-scale prototype, which it hopes to fly without a crew by year-end.

Ground tests for the prototype are expected to begin in July, he added, following successful wind-tunnel testing last year.