Air Taxi Company Gets $20M More; Backed by Embraer

This follows a $94 million investment from several investors, including Embraer, the main backer of Eve Air

Chuck Martin, Editorial Director AI & IoT

July 10, 2024

4 Min Read
Eve Air Mobility's eVTOL in a hangar
Eve Air Mobility

Electric aerial vehicle (EAV) maker Eve Air Mobility has received a $20 million investment from Nidec Aerospace, the maker of its electric propulsion system.

This follows a $94 million investment from several investors, including Embraer, the main backer of Eve Air.

Nidec plans to expand its business into industrial unmanned drones, next-generation hybrid aircraft and future electric aircraft. 

The investment also is part of the Nidec strategy to supply products such as chargers for EAVs.

Nidec is going to be featured in Eve’s eVTOL (electric vertical takeoff and landing) vehicle manuals as a recommended charger vendor, according to the company.

“We view this investment in Eve as a confirmation of our confidence in Nidec’s aerospace strategy and an extension of our strategic partnership with Embraer,” said Vincent Braley, CEO of Nidec Aerospace. “The global demand for electrified urban air mobility is expected to ramp up over the next few years, and Nidec is well-equipped to develop technology and make investments into the value chain that supports the cleaner, quieter and more efficient travel of the future.”

Eve Air is working on assembling its first full-scale eVTOL prototype to start testing.

The EAV maker has also developed a portfolio of services, including urban air traffic management software.

Related:Air Taxi Company Releases Teaser Video; Embraer Backed

Eve Air has pre-orders for 2,900 of its electric flying vehicles, according to the company.

Eve Air recently agreed to work with Embraer and Groupe ADP to prepare for EAV operations at Paris-Le Bourget Airport.

The companies plan to update airport facilities by adding training, maintenance and ground services for eVTOL vehicles.

Earlier this year, Eve Air released a teaser video of its first, full-scale, early prototype vehicle.

The company came out of Embraer’s business and innovation accelerator and has been working to create a low-sound vehicle with efficient thrust.

The Eve Air flying taxi is expected to enter service in 2026, with the company leveraging Embraer’s experience of developing, designing and certifying aircraft.

It is expected that Eve would use Embraer’s global network of service and support locations.

The Eve eVTOL vehicle uses eight propellers for vertical flight and fixed wings to fly on cruise, with no change of component positions for flight, and has a range of 60 miles. 

Eve Air recently received an order for up to 50 of its EAVs from the largest helicopter air charter service in Japan.

AirX Inc. signed a letter of intent to purchase 10 EAVs from Eve Air with an option to purchase 40 more and announced the launch of the Greater Tokyo Area’s first eVTOL test field, the urban air mobility (UAM) Center.

Related:Air Taxi Company Takes Order for 50 Flying Vehicles

In addition to Japan, Eve is working with customers in Australia, India and South Korea.

Eve Air and UrbanX in Miami plan to launch eVTOL commuter flights throughout South Florida by 2026, when the first 10 Eve flying vehicles are expected to be delivered.

GlobalX agreed to purchase 200 flying vehicles from Eve Air in 2022 and established UrbanX as a wholly-owned subsidiary of GlobalX. 

The Florida flights are intended to help commuters navigate short distances and avoid traffic congestion and improve travel times. 

Road travel times in Miami can be challenging because of delays caused by the frequent opening of numerous draw bridges as boats navigate through the many channels.

The electric flying service in Florida is subject to approvals from the Federal Aviation Administration (FAA) and the Department of Transportation.

Eve Air also is growing arrangements with low-cost carriers, such as its deal with Flynas, a low-cost airline in Saudi Arabia, to explore starting eVTOL services in Riyadh and Jeddah.

Eve Air and Korean airline Jeju Air, the largest low-cost airline in Korea, also have plans for EAV use on Jeju Island. 

Related:Flying Taxi Service Planned for Miami, South Florida

Eve Air has also been working with cities, countries and regulatory authorities to establish concepts of operations in the U.S., Brazil and the U.K. 

Read more about:

Flying Cars

About the Author(s)

Chuck Martin

Editorial Director AI & IoT

Chuck Martin, author of "Flying Vehicles," New York Times Business Bestselling author and futurist, is Editorial Director at Informa Tech, home of AI Business, IoT World Today and Enter Quantum. Martin has been a leader in emerging digital technologies for more than two decades. He is considered one of the foremost emerging technology experts in the world and his latest book title "Flying Vehicles" (The Emergence of Personal Air Travel, Flying Cars, and Air Taxis) followed "Digital Transformation 3.0" (The New Business-to-Consumer Connections of The Internet of Things).  He hosts a worldwide podcast titled “The Voices of the Internet of Things with Chuck Martin,” where he converses with top executives from the companies driving the adoption of emerging technology.

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