Embraer-backed electric vertical takeoff and landing (eVTOL) aircraft manufacturer Eve Air Mobility has raised $94m in new equity financing to support the continued development of its aircraft. 

The company announced the new funding at the start of the month and revealed it had come from multiple investors, including Embraer and Japanese manufacturer Nidec, through the issuance of shares of common stock and warrants. 

CFO Eduardo Couto said: “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.” 

The funding comes as Eve nears the completion of its first full-scale prototype aircraft and the beginning of its test campaign as part of its efforts to become one of the early players in the growing urban air mobility market, though companies such as Joby, EHang and Archer are likely to launch the first commercial eVTOLs.

Despite having a way to go in its aircraft development, the Embraer-owned company has already signed deals with a range of notable aviation names, including investments from United Airlines and a partnership developing air taxi services in San Francisco

Couto said: “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.” 

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Eve filed the equity funding arrangements with the US Securities and Exchange Commission and is hoping to close the sale of 23,500,000 new shares in the coming weeks, at a purchase price of $4 per share.

Earlier this year Eve announced a new set of suppliers for its eVTOL aircraft including electrical systems manufacturer Thales and Honeywell, which will supply guidance and navigation systems for the vehicle.