BNDES approves financing of US$94 million for Embraer’s flying cars

Eve Soluções de Mobilidade Aérea Urbana Ltda (Eve), an independent company founded by Embraer, will receive R$490 (US$94) million from the National Bank for Economic and Social Development (BNDES) to execute the first phase of the project for the production of electric vertical takeoff and landing aircraft (eVTOL).

With zero local emissions, the vehicle will be available on the market starting in 2026.

According to the bank, the vehicle, known as the flying car, “will be designed to perform urban flights, with low noise levels and greater sustainability when compared to traditional vehicles.

According to BNDES, the financing of R$490 million of the investments is equivalent to 75% of the total applied in this phase of the project, focused on research and development (R&D), which is R$652 million.

“Of this amount, R$80 million will come from the BNDES Climate Fund Program (Urban Mobility subprogram) and R$410 million from the Finem Line – Incentivized A/Innovation,” the bank informed.

The 100% battery electric vehicle, initially, in addition to the pilot, will be able to carry four passengers for a distance of up to 100 kilometers. According to the specifications, the aircraft will emit up to 90% less noise than helicopters.

In the BNDES’ view, in the next decades, the urban air mobility market will be driven by growing urban populations, land space limitations, and high infrastructure improvement costs, as well as the high local pollution levels of traditional means of transportation.

“With innovative technology, eVTOLs will enable short trips faster than traditional modes and with zero local greenhouse gas emissions,” he noted.

The BNDES’ director of productive and socio-environmental credit, Bruno Aranha, said that the BNDES is proud to support the development of the eVTOL and highlighted that the operation is especially emblematic in the scope of the Climate Fund since it serves the development of a disruptive product that will decrease the emission of greenhouse gases.

“This is a huge innovative effort carried out in Brazil by highly qualified engineers. The success in the development of eVTOL will allow entrance into a market segment of high technological intensity.”

“It is worth mentioning that this operation constitutes another milestone in the long strategic partnership between BNDES and Embraer, which began in 1997.”

Eve’s co-CEO founder André Stein was pleased with the partnership with BNDES.

“We are very happy with the trust and support that BNDES has shown to Eve as we advance the development of our zero-emissions electric aircraft and continue to commit to carbon neutrality throughout the aircraft’s life cycle.”

For the executive, the support is restricted to the possibility of accelerating innovation and the rise of a new form of more sustainable aviation with eVTOL aircraft, helping to transform the industry and urban mobility and reducing noise pollution and the cost of urban flights. “BNDES will be a key partner in completing the development of our product and service portfolio.”

BNDES informed that the consummation of the financing is subject to the fulfillment of preconditions set by the institution itself and finally to the signing of the respective contract.