Electric aircraft maker “Eve” has received a $50 million loan from Citibank. This will strengthen the company’s balance sheet and support the development of its “flying car”. Eve, controlled by Brazilian aircraft maker Embraer, is one of many startups worldwide developing battery-powered aircraft. These can take off and land vertically to carry travelers on short city trips, allowing them to avoid traffic. The company expects its electric vertical take-off and landing (eVTOL) aircraft to be certified and entered into service in 2026 and has collected nearly 3,000 potential orders ahead of production, with potential revenue of $14.5 billion.
“Eve continues to attract new investors, a sign of continued confidence in our strategic plan and strong customer interest in our eVTOL aircraft,” Chief Financial Officer Eduardo Couto said in a statement. The Citi loan is in addition to an $88 million credit line that Eve received earlier this month from Brazilian state development bank BNDES to finance the development of its first manufacturing facility in São Paulo state. After raising $95.6 million of new equity in July from a group of investors including Embraer and Japan’s Nidec, the new loan brings Eve’s pro forma liquidity to approximately $480 million, said the company.
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