Eve Air Mobility, a São Paulo-headquartered maker of eVTOL aircraft, has listed on the Brazilian stock exchange and secured $40 million in funding from the country’s development bank.
Shares in Eve, which has been listed on the New York Stock Exchange (NYSE) since May 2022, went live on the Bolsa do Brasil (B3) in São Paulo on Tuesday (December 9).
In a statement, Eve said the new listing aligns with its strategy to diversify its shareholder base, expand access to investors across different markets, and strengthen its capital structure.
During the listing ceremony, Eve also announced that it has secured a $40 million financing package from Brazil’s National Bank for Economic and Social Development (BNDES).
The funds will support the integration phase and operation of the electric motors for the company’s first certification eVTOL aircraft.
It will also cover preparations for the test campaign required to obtain the certification from Brazil’s National Civil Aviation Agency (ANAC).
Structured under the BNDES Climate Fund and the BNDES FINEM Innovation line, the financing consists of two subcredits.
About $32 million will come from the Climate Fund and about $8 million from BNDES resources raised in foreign currency, with a total term of up to 15 years.
“This financing accelerates a critical phase of our programme: the integration of the electric propulsion system, which will ensure performance, safety and reliability for our first certifiable aircraft,” said Eduardo Couto, CFO of Eve.
“We thank BNDES for its trust and continued support of our vision to transform urban mobility with efficient and sustainable solutions developed and manufactured in Brazil.”
Since 2022, BNDES has provided more than $240 million in financing to Eve, consolidating the company’s financial foundation to bring its eVTOL to certification and launch commercial operations.