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Eve Air Mobility raises USD 50 million in bank loan from Citibank

Passenger eVTOL Aircraft

Oct 30, 2024

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Passenger eVTOL Aircraft

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Oct 30, 2024

Eve Air Mobility raises USD 50 million in bank loan from Citibank

Funding

Eve Air Mobility, a Brazilian producer of eVTOL aircraft, has secured a USD 50 million bank loan from Citibank. This brings the company's total funding to USD 604 million.
The funding will support the company's aircraft research and development program. The loan increases Eve's 2Q24 pro-forma liquidity to approximately USD 480 million.
Eve Air Mobility holds the Advanced Air Mobility industry's largest pre-order book with letters of intent for 2,900 aircraft. The company unveiled its first full-scale eVTOL prototype at the Farnborough Air Show in the summer of 2024.
Analyst QuickTake: This funding follows Eve Air Mobility's earlier USD 94 million equity financing in July 2024 and a USD 88 million loan from Brazil's National Development Bank in October 2024 . While eVTOL developers such as Eve and Joby Aviation have successfully secured funding, their competitor Lilium is facing a significant setback, as it is set to file for bankruptcy after the German parliament rejected its ~USD 55 million loan application in October 2024 .

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