Eve Air Mobility Receives ESG Financing Guarantee from Bradesco Bank in Long-Term Funding
- Operation is in line with the Green Loans Principles 2023
- Total amount is up to R$490 million
São José dos Campos, SP — Dec. 21, 2023 – Bradesco Bank has concluded with Eve Mobilidade Aérea Urbana, a subsidiary of Eve Air Mobility (“Eve”) (NYSE: EVEX; EVEXW) and a spin-off from Embraer, the first ESG financing guarantee operation aligned with the Green Loans Principles (2023 version), which follows a set of guidelines for structuring loan operations for sustainable purposes. Eve is developing solutions for the global Urban Air Mobility (UAM) ecosystem, including an electric vertical take-off and landing (eVTOL) aircraft. The total amount guaranteed is up to R$490 million and will be allocated exclusively to the development of Eve’s eVTOL.
The line of credit was approved by Brazil’s National Development Bank (BNDES) from the Finem Line and the Climate Fund, whose objective is to support the implementation of projects and technological development related to the reduction of greenhouse gas emissions and adaptation to climate change and its effects.
“This is a disruptive innovation project, with high technological intensity, which seeks to address relevant problems for the whole world: the limitations of ground space with increasing population density, the high costs of mobility infrastructure and the emission of greenhouse gases,” said José Luis Gordon, director of Productive Development, Innovation and Foreign Trade of BNDES. BNDES’ support, through the Climate Fund, is in line with the innovation and decarbonization guidelines of the new industrial policies and is another important step in the long-standing partnership between BNDES and Embraer.”
To date, proceeds totalling R$127 million have been issued. Bradesco will allocate new proceeds gradually, according to BNDES’ disbursement to Eve, who maintains the industry’s leading backlog of 2,850 eVTOL aircraft.
“It is an innovative operation and represents an important milestone in the sector, demonstrating our commitment to the decarbonisation agenda, investing in more sustainable technologies with lower emissions,” commented Bruno Boetger, executive director at Bradesco. “This reinforces Bradesco’s partnership with Eve, which has been our partner since 2022. We believe that the ESG financing guarantee will serve as a reference for other companies that wish to adopt more responsible and sustainable practices in their business, an increasing trend in the credit market”, concluded.
“At the recent COP28 in Dubai, global leaders discussed strategic actions to accelerate the reduction of global emissions by 2030. Eve’s ESG financing guarantee directly reflects our commitment to sustainability, which is intrinsically linked to our corporate strategy. Our goal goes beyond offering greener solutions for urban air mobility; we are focused on building a value chain aligned with the best-in-market practices,” explained Eduardo Couto, chief financial officer of Eve.
Eve’s eVTOL is fully electric with a lower sound footprint than conventional aircraft and provides zero local emissions. Designed for urban travel, it will offer commuters safe, efficient, comfortable and more sustainable journeys within cities around the world. Eve expects first deliveries and entry into service as soon as 2026 and its customers include United Airlines, Republic Airways, Helisul Aviação, and VOAR, among others. To date in Brazil, Eve has orders for up to 335 eVTOL aircraft.
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About Eve Air Mobility
Eve is dedicated to accelerating the Urban Air Mobility ecosystem. Benefitting from a start-up mindset, backed by Embraer S.A.’s more than 50-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, a comprehensive global services and support network and a unique air traffic management solution. Since May 10, 2022, Eve has been listed on the New York Stock Exchange, where its shares of common stock and public warrants trade under the tickers “EVEX” and “EVEXW.” For more information, please visit www.eveairmobility.com.
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Released December 21, 2023