Eve holding Inc (NYSE:)., an air taxi company that emerged from a merger with EmbraerSA (NYSE 's Eve Urban Air Mobility unit and Zanite Acquisition Corp. saw their shares rise 5% on news of additional financing.
The company's subsidiary, Eve Air Mobility, has obtained 200 million reais ($32.9 million) from the Brazilian development bank BNDES. This financing is intended for the production of new prototypes and the eventual manufacturing of the commercial vehicle.
The investment will also support the aircraft testing campaign, which is a crucial step in bringing Eve's electric vertical take-off and landing (eVTOL) vehicles to market.
This second phase of financing comes after the company previously obtained 490 million reais in 2022, which was allocated to research and development. Additionally, Citibank made a recent $50 million investment to bolster Eve's eVTOL development program.
In related industry news, last week, Vertical Aerospace Ltd., another company in the flying taxi sector, announced that it had raised up to $50 million from Mudrick Capital Management. This funding is expected to provide Vertical Aerospace with the resources necessary to test and certify its inaugural model.
Meanwhile, competitors Archer Aviation and Joby Aviation (NYSE saw a drop in its stock prices on Monday, following a rally on Friday.
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