Flying Taxi Company Gets $94M Investment; Embraer Backed

Eve Air has developed a portfolio of services, including an urban air traffic management software

Chuck Martin, Editorial Director AI & IoT

July 3, 2024

4 Min Read
Eve Air Mobility

Electric aerial vehicle (EAV) maker Eve Air Mobility has received $94 million in new equity financing from several investors including Embraer, its main backer.

Eve Air is in the process of assembling its first full-scale eVTOL (electric vertical takeoff and landing) prototype to start its testing.

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

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

“We appreciate the confidence that these investors are placing in Eve,” said Eduardo Couto, chief financial officer at Eve Air Mobility. “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.”

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.

Related:Flying Taxi Company Plans to Update Paris Airport; Embraer Backed

Earlier this year, Eva 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.

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.

Related:Air Taxi Company Takes Order for 50 Flying Vehicles

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 Department of Transportation.

Eve Air also is growing arrangements with low-cost carriers.

The company teamed 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, recently created initial plans for EAV on Jeju Island. South Korea already had been laying the groundwork for urban air mobility. 

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. 

Eve Air and Hunch Mobility, a joint venture between Hunch Ventures and Blade Air Mobility, already were working together to make Bangalore the launch city for urban air mobility in Bangalore, India.

Related:Flying Vehicle Company Plans for Saudi Arabia; Embraer-Backed

The Eve Air vehicle is eventually aimed at becoming self-flying.

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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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