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.
"We appreciate the confidence and support that BNDES is showing
to Eve as we continue to progress the development of a
zero-emission aircraft with a commitment to a full-life cycle
approach towards carbon neutrality," said André Stein, co-CEO of
Eve. "Not only will this foster innovation, but will support the
emergence of a more sustainable form of aviation, our eVTOL
aircraft, which will transform the industry and urban air mobility,
reducing noise and the cost of flying. BNDES will be a critical
partner to help Eve complete the design of our portfolio of
products and services."
"We are very proud of BNDES' support for the development of
Eve's eVTOL. This operation is particularly representative in the
Climate Fund context, as it involves the development of a
disruptive product that will mitigate the emission of greenhouse
gases. It is a massive innovative effort carried out in
Brazil by highly qualified
engineers. The successful development of the eVTOL will allow entry
into a highly technologically intensive market segment. It is also
worth mentioning that this operation represents another milestone
in the long strategic partnership between the BNDES and Embraer,
which began in 1997", commented Bruno
Aranha, director of productive and socio-environmental
credit at the BNDES.
"The support from BNDES is a perfect fit for our project,
considering the characteristics of these lines of credit and the
bank's mission to foster a cleaner form of transportation. These
credit lines are expected to have a long-term profile that matches
Eve's cash-flow needs and strengthens our balance sheet. Upon
completion of the funding from BNDES, Eve will have a more
efficient capital structure – with both debt and equity funding the
continued development of our portfolio of solutions for the Urban
Air Mobility ecosystem. We believe that a more balanced capital
structure is in the best interest of our shareholders and will help
create long-term value," said Eduardo
Couto, chief financial officer of Eve.
Image: https://tinyurl.com/Eve-BNDES
Follow Eve on Twitter @EveAirMobility
About Eve Air Mobility
Eve is dedicated to accelerating the Urban Air Mobility
ecosystem. Benefitting from a start-up mindset, backed by Embraer
S.A.'s more than 50-year history of aerospace expertise, and with a
singular focus, Eve is taking a holistic approach to progressing
the UAM ecosystem, with an advanced eVTOL project, comprehensive
global services and support network and a unique air traffic
management solution. Since May 10,
2022, Eve is listed on the New York Stock Exchange where its
shares of common stock and public warrants trade under the tickers
"EVEX" and "EVEXW". For more information, please visit
www.eveairmobility.com.
About BNDES
Banco Nacional de Desenvolvimento Econômico e Social (National
Bank for Socio-Economic Development), or BNDES for short is a
federal institution headquartered in Rio
de Janeiro whose objective is to provide long-term funding
and investments in all sectors of the Brazilian economy. BNDES is
one of the largest development banks in the world and it aims to
support entrepreneurs of all sizes – including private citizens, to
expand and modernize current projects as well as new businesses
with a specific aim to foster employment, income and social
inclusion as well as Brazil's
competitiveness. For more information, visit
https://www.bndes.gov.br
Forward-Looking Statements Disclosure
Certain statements in this press release include
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words such as "estimate," "plan," "project," "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target", "may",
"intend", "predict", "should", "would", "predict", "potential",
"seem", "future", "outlook" or other similar expressions (or
negative versions of such words or expressions) that predict or
indicate future events or trends or that are not statements of
historical matters. All statements other than statements of
historical facts are forward-looking statements and include, but
are not limited to, statements regarding Eve's and BNDES' current
expectations or forecasts of future events, including with respect
to the negotiation and entering into definitive agreements in
connection with the announced credit lines. These statements are
based on current assumptions about future events that may not prove
to be accurate and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and may differ
from assumptions, and such differences may be material. Many actual
events and circumstances are beyond the control of Eve.
These forward-looking statements are subject to a number of
risks and uncertainties, including: (i) changes in domestic and
foreign business, market, financial, political and legal
conditions, including, without limitation, risks and uncertainties
around the new government of Brazil in 2023; (ii) failure to agree on and
enter into definitive agreements in connection with the announced
credit lines, to satisfy the closing conditions to be set forth in
such definitive agreements, to obtain the credit lines or to
otherwise realize the anticipated benefits of the announced lines
of credit from BNDES; (iii) risks relating to the uncertainty of
the projected financial information with respect to Eve; (iv) the
outcome of any legal proceedings that may be instituted against
Eve; (v) future global, regional or local economic and market
conditions, including the growth and development of the urban air
mobility market; (vi) the development, effects and enforcement of
laws and regulations; (vii) Eve's ability to grow and manage future
growth, maintain relationships with customers and suppliers and
retain its key employees; (viii) Eve's ability to develop new
products and solutions, bring them to market in a timely manner,
and make enhancements to its platform; (ix) Eve's ability to
successfully develop, obtain certification for and commercialize
its aircraft, (x) the effects of competition on Eve's future
business; (xi) the outcome of any potential litigation, government
and regulatory proceedings, investigations and inquiries and (xii)
the impact of the global COVID-19 pandemic.
If any of these risks materialize or our assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Eve does not presently know or that Eve
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Eve's
expectations, plans or forecasts of future events and views as of
the date of this press release. Eve anticipates that subsequent
events and developments will cause Eve's assessments to change.
However, while Eve may elect to update these forward-looking
statements at some point in the future, Eve specifically disclaims
any obligation to do so. These forward-looking statements should
not be relied upon as representing Eve's assessments as of any date
subsequent to the date of this press release and undue reliance
should not be placed upon the forward-looking statements.
Investor Information
https://ir.eveairmobility.com/
Contacts
investors@eveairmobility.com
media@eveairmobility.com
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SOURCE Eve Holding, Inc.