The company reported that it does not have liquidity problems; However, he did not explain why he wants more resources or how he is going to use them.
Embraer-owned electric aircraft maker Eve hopes to raise funds next month to finance its operations by certifying its flying taxi in 2026, CEO Johann Bordais told Reuters.
He explained that Eve has enough cash and borrowing facilities to fund operations through 2025, but the company anticipates certification and entry into service in 2026.
He added that it is one of numerous startups around the world developing battery-powered aircraft that can take off and land vertically to transport travelers on short trips to the city.
Its orders come from customers in countries such as Brazil, the United States, India and France. Among the companies that have signed letters of intent to purchase Eve’s eVTOL are the American airline United Airlines, the charter companies Global Crossing and Air , as well as the aircraft lessor Azorra.
Eve debuted on the New York Stock Exchange in May 2022, raising around $400 million to develop and produce its eVTOL aircraft, a project initially planned to cost $540 million.
It later obtained an additional line of credit of 490 million reais (US$92 million) from the Brazilian state development bank BNDES.
At the end of the first quarter of this year, Eve’s total liquidity amounted to $280 million. “We are doing well in terms of cash,” said Bordais, who took over the company in September. “Our goal, our second round of fundraising, is guaranteed through certification.”
Bordais said eVTOL development is going according to plan. The company recently released images of its first full-scale prototype, which it hopes to fly uncrewed by the end of the year.
Ground testing for the prototype is expected to begin in July, he added, following successful wind tunnel testing last year.
Eve’s most pressing need is to get the plane certified. It was submitted in 2022 to Brazil’s civil aviation regulator and hopes that national validation will be followed by approval from the US Federal Aviation Administration (FAA).
Eve has not delayed its certification outlook to 2026 since its initial public offering, which Jefferies analysts said last week was a rarity in the sector, noting that the company is financially strong.
Eve has amassed nearly 3,000 orders and has chosen most of its component suppliers ahead of production, with 90% of its supply chain budget available.
“But it all starts with certification,” Bordais said.
