Eve Announces BNDES approval of $92.5 million line of credit to support eVTOL development program
Eve Air Mobility ("Eve") (NYSE: EVEX; EVEXW) announced today the approval by the executive board of Brazil's National Development Bank ("BNDES") to support Eve's eVTOL development efforts with two distinct credit lines, totaling $92.5 million. Both credit lines are expected to offer beneficial terms and conditions to Eve with a 12-year maturity and amortization grace period. The financing is subject to the negotiation and execution of definitive agreements between Eve and BNDES in connection with such credit lines, as well as the satisfaction of certain conditions to be set forth in such definitive agreements
Brazil's National Development Bank approved two credit lines to support Eve's eVTOL development program
MELBOURNE, Fla., Dec. 23, 2022 /PRNewswire/ -- Eve Air Mobility ("Eve") (NYSE: EVEX; EVEXW) announced today the approval by the executive board of Brazil's National Development Bank ("BNDES") to support Eve's eVTOL development efforts with two distinct credit lines, totaling $92.5 million. Both credit lines are expected to offer beneficial terms and conditions to Eve with a 12-year maturity and amortization grace period. The financing is subject to the negotiation and execution of definitive agreements between Eve and BNDES in connection with such credit lines, as well as the satisfaction of certain conditions to be set forth in such definitive agreements.
The first credit line is expected to be granted by the Climate Fund ("Fundo Nacional Sobre Mudança Climática", or "Climate Fund"). This is a BNDES program designed to provide financing to support businesses and projects that help mitigate climate change and reduce carbon emissions, with urban mobility as one of its nine sub-programs. The Climate Fund helps with the funding of entrepreneurial projects, the acquisition of machinery and equipment, as well as the development of technologies to reduce carbon and greenhouse-gas emissions. In addition to Urban Mobility, the fund also focuses on sustainable cities and climate change, efficient machinery and equipment, renewable energy, solid residue, charcoal, native forestry, carbon management and services, and innovative projects.
The second line of credit is expected to be granted by the Innovation Finance ("Financiamento a Empreendimentos de Inovação", or "FINEM Inovação"), a BNDES program that provides long-term funding for disruptive industrial projects that generate social benefits, such as urban mobility, energy generation, education, sewage, among others.
