Eve rolls out electric flying taxi prototype, secures funding through 2027

Eve, an electric aircraft manufacturer under the control of Embraer (EMBR3.SA), has revealed its full-scale “flying taxi” prototype. This significant milestone marks Eve’s progress toward obtaining certification and commencing service by 2026.

On July 3, at the Gaviao Peixoto plant, the electric vertical take-off and landing (eVTOL) aircraft prototype was showcased to investors and clients. This development positions Eve among a growing number of startups worldwide working on battery-powered aircraft designed for short city trips, aimed at alleviating urban traffic congestion.

In an interview, Johann Bordais, Eve’s CEO, stated that the prototype is expected to fly by the end of this year or early 2025, following the initiation of ground tests in July. This initial prototype, although equipped with electric engines, lacks a cabin and pilot. The final version will feature seating for four passengers and a pilot.

“This prototype is completely remote so we can test aerodynamics, start flying, and then make what we call transition flight from vertical to horizontal flight,” Bordais said. He emphasized that having the full-scale prototype ready for tests is a critical step toward certifying the aircraft by 2026. Eve has been in the process of certification with Brazil’s civil aviation regulator since 2022.

Eve plans to have five conforming prototypes ready by next year and aims to produce a pre-series eVTOL by 2026 as part of the certification process. Bordais remarked on the importance of this testing phase, acknowledging the challenges and technological limits involved: “Challenges exist. It’s not something trivial. We are at the limits of technology and aeronautics, and this moment of testing is fundamental.”

Despite the enthusiasm, power grids globally are currently ill-equipped to support the demands of flying cars, from electricity supply to necessary infrastructure for vertical take-off and landing ports.

Financially, Eve debuted on the New York Stock Exchange in 2022, raising nearly $400 million to fund its eVTOL project, which is projected to cost $540 million. Additionally, the company secured a $92 million loan from the Brazilian state development bank BNDES, ensuring its financial stability until 2027.

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