Charles Alcock is managing editor of the AIN Media Group, having rejoined the company in 2019. He has been an aviation journalist since 1986, and previously worked for AIN from 1990 to 2017, most recently as editor-in-chief. His main focus is on covering new aviation technology and business models, as well as international news.
Having been raised in the London area, Alcock studied at the University of Manchester in the UK and earned an honors degree in Politics and Modern History. He speaks English and French, and some German.

Managing Editor

Charles Alcock

Eve Air Mobility this week raised a further $94 million in funding to support its plans to bring a four-passenger eVTOL aircraft to market in 2026. The public company, in which Brazilian airframer Embraer is the majority shareholder, announced on July 1 that multiple undisclosed investors have supported a new equity financing round that is expected to close in the next few weeks.
The new capital will be released under an agreement dated June 28 that will issue and sell 23.5 million new shares in Eve’s common stock at a price of $4 per share. In New York Stock Exchange trading on July 1, Eve’s stock closed at $3.28, which was down on its June 28 closing price of $4.05.
Melbourne, Florida-based Eve will provide additional details about the closing of the equity raise through an 8k filing under Securities and Exchange Commission rules. The sale is expected to clear $94 million once deductions are made to cover expenses associated with the offering.
On July 2, rival eVTOL aircraft developer Archer Aviation announced that existing investor Stellantis has provided an additional $55 million in funding. The car maker increased its backing, having earlier this year purchased 8.3 million shares in the New York Stock Exchange-listed company and in 2023 investing $110 million.
Archer reported that the new funding from Stellantis had been contingent on it achieving a transition flight on June 12 with its Midnight eVTOL prototype aircraft. The automotive group is closely involved in developing manufacturing infrastructure for the four-passenger vehicle which is expected to <a href="https://www.ainonline.com/aviation-news/futureflight/2024-06-05/archer-aviation-receives-part-135-operating-certificate">enter service </a>in 2025.

<h2>Eve's Prototype Shapes Up in Brazil</h2>
Working closely with Embraer, Eve is now assembling its <a href="https://www.ainonline.com/aviation-news/futureflight/2024-05-10/eve-reports-progress-building-full-scale-evtol-prototype">first full-scale prototype</a> of the eVTOL vehicle in a new facility at Taubaté in Brazil’s São Paulo state. In June, the company announced the <a href="https://www.ainonline.com/aviation-news/futureflight/2024-06-05/eve-picks-suppliers-evtol-windows-and-doors">appointment of more suppliers</a> for the program covering elements such as windows, doors, and fuselage sections.
“We appreciate the confidence that these investors are placing in Eve,” said Eve Air Mobility chief financial officer Eduardo Couto. “The new equity, along with existing cash and credit lines, ensures Eve is well positioned as we continue to build momentum and advance in the development and manufacturing of our eVTOL. With the industry’s largest pre-order book with letters of intent for 2,900 aircraft and strong program development partners, Eve has continued to demonstrate the opportunity that our company presents for both strategic and financial investors.”

Issues regarding financing of aircraft; aviation insurance; tax issues for aircraft operators; new companies and people in the aviation financing and insurance industries.

Eve Raises $94 Million in Fresh Funding for eVTOL Aircraft Program

In the same week, rival Archer raised $55 million from existing backer Stellantis

Eve Air Mobility is boosting its cash reserves by $94 million to support work to complete the type certification of its four-passenger eVTOL aircraft in 2026.

Eve Raises $94 Million in Fresh Funding for eVTOL Aircraft

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In this article

Eve Air Mobility

Embraer Commercial

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Company's third-quarter financials have ended seven consecutive quarters of declining revenues

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Company says it is still building Lilium Jet prototypes and plans to start test flights

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Qatar Investment Authority leads oversubscribed Series C funding round

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