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Embraer's Eve Debuts Flying Taxi, Secures Funding Through 2027

Jul 21, 2024 1 min read

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Embraer's Eve has unveiled its full-scale prototype of an electric vertical take-off and landing (eVTOL) aircraft at an event held at the Gaviao Peixoto plant in Brazil. The company aims to obtain certification and begin service in 2026. The prototype, which is equipped with electric engines but lacks a cabin or pilot, marks a significant step toward the certification process. Eve's CEO, Johann Bordais, anticipates the prototype will be ready for flight tests by the end of this year or early 2025, following ground tests that began in July.

Eve has raised nearly $400 million in 2022 to develop the eVTOL aircraft, initially estimated to cost $540 million, and has secured a $92-million loan from Brazilian state development bank BNDES. The firm has also announced an additional $94-million investment to extend its funding until 2027. Key investors include United Airlines, BAE Systems, Thales, Rolls-Royce, Acciona, and Bradesco BBI. With nearly 3,000 potential orders, Eve plans to have five conforming prototypes ready next year and a pre-series eVTOL by 2026 as part of its certification efforts.

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