By Brazil Stock Guide – Brazil’s development bank BNDES has approved R$200 million in financing for Eve Air Mobility, the urban air mobility unit of Embraer (EMBJ3), to accelerate development of its electric vertical takeoff and landing aircraft (eVTOL), widely dubbed the “flying car.” The package will fund the integration and operation of the electric propulsion system on Eve’s first certification aircraft and the preparation of the prototype for a full test campaign with aviation regulator ANAC.
Climate Fund push
Of the total, R$160 million will come from Brazil’s Fundo Clima (Climate Fund), with the remaining R$40 million sourced from BNDES’ Finem credit line. Managed by the bank and linked to the Environment Ministry, the Climate Fund is one of the pillars of Brazil’s national climate policy, channeling subsidized credit into projects that help cut greenhouse-gas emissions and support clean technologies.
Dual listing strategy
The financing was announced on Tuesday during a ceremony at B3 in São Paulo, where Eve rang the opening bell to celebrate its listing on the Brazilian exchange in August 2025. The company has traded on the New York Stock Exchange since 2022, and the local listing is part of a strategy to diversify its shareholder base, expand access to investors in different markets and reinforce the capital stack needed for the eVTOL program.
Flying car specs
Eve’s eVTOL is designed to carry four passengers plus a pilot, with a range of up to 100 kilometers and space for two suitcases or four carry-on bags. The aircraft will have eight electric lifter motors mounted on the wings to increase safety and controllability in vertical flight, and a single rear motor dedicated to horizontal cruise. According to BNDES president Aloizio Mercadante, the program already has about 2,800 aircraft on order from customers in nine countries, with the first flight targeted for 2026 — exactly 120 years after Santos Dumont’s 14-Bis.
BNDES back on risk
“This financing accelerates a critical phase of our program: the integration of the electric propulsion system, which will ensure performance, safety and reliability for our first certifiable aircraft,” said Eve CFO Eduardo Couto.
Since 2022, BNDES has approved around R$1.2 billion in credit to support different stages of the eVTOL’s development, including the construction of Eve’s factory in Taubaté (São Paulo state). In August, the bank also committed R$405.3 million in a direct equity investment in Eve, marking the return of BNDESPAR to equity markets after a decade and underscoring Brasília’s bet that flying cars can become a flagship of Brazil’s high-tech and low-carbon industrial policy.
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