By Brasil Stock Guide – BNDESPar, the equity investment arm of Brazil’s state development bank BNDES, will invest $74.9 million (R$405.3 million) in Eve Air Mobility, the Embraer subsidiary developing electric vertical takeoff and landing aircraft, or eVTOLs. The deal, reported by O Globo, will give BNDESPar about a 4% stake in Eve, which is listed on the New York Stock Exchange and valued at roughly $1.8 billion as of the last close.
The investment will be made through Brazilian Depositary Receipts, or BDRs, which represent shares of foreign companies. Eve does not currently have BDRs trading on Brazil’s B3 exchange but plans to launch them in a private offering led by BNDESPar. “Eve plans to make BDRs available for trading on B3 for local investors after the completion of the private offering,” the bank said in a statement.
BNDES said the transaction will strengthen Eve’s capital structure and support research and development activities essential to executing its business plan. “This is a strategic step to place Brazil at the forefront of sustainable air mobility,” BNDES President Aloizio Mercadante said.
Eve called the investment a milestone. “It contributes to our vision and boosts our mission to transform urban mobility,” Chief Executive Officer Johann Bordais said in the statement. The company plans to start producing its eVTOLs at a new plant in Taubaté, São Paulo state, with test flights expected between late 2027 and early 2028.
According to a study released by Eve in June, the urban air mobility market could generate $280 billion in global revenue by 2045, with demand for 30,000 eVTOLs and an estimated 3 billion passengers. The company expects the aircraft to replace a significant share of helicopter trips, offering greater efficiency and lower environmental impact.