Eve, controlled by Embraer rolled out its electric vertical take-off and landing eVTOL aircraft prototype at an event with investors and clients at the Brazilian planemaker’s Gaviao Peixoto plant on July 3.

Embraer Eve flying taxi

Embraer the company coming up with taxi prototype is one of a bevy of startups worldwide developing battery-powered aircraft. This aircraft can take off and land vertically to ferry travelers on short city trips, allowing them to beat traffic.

As per CEO Johann Bordais, Eve expects to fly and launch the prototype by the end of this year or early 2025, after starting ground tests in July.

Eve, a company in Melbourne, Florida and a subsidiary of Embraer, has also just announced an additional US $94 million in funding from multiple investors on top of the $492 million it’s already raised, putting Eve in a strong financial position for the successful development and manufacturing of the Air Mobility through at least 2027.

Eve prototype eVTOL

The first non-conforming prototype is equipped with electric engines but does not have a cabin or pilot. The final aircraft will seat four passengers and a pilot.

“This prototype is completely remote so we can test aerodynamics, start flying and then make what we call transition flight from vertical to horizontal flight,” Bordais said.

Eve flying taxi prototype certification

As per Bordais having the full-scale prototype ready for tests is another step toward certifying the aircraft, which Eve expects to achieve by 2026.

Eve applied for certification in 2022 to Brazil’s civil aviation regulator.

Eve will have five conforming prototypes ready next year and a pre-series eVTOL by 2026 as part of the certification process, Bordais said.

Power grids around the world are not ready for so-called flying cars, from the electricity supply to ports for vertical take-off and landing.

Eve raised funding for flying taxi prototype

Eve debuted on the New York Stock Exchange in 2022, raising nearly $400 million to develop its eVTOL, a project initially slated to cost $540 million. The company later secured a $92-million loan from Brazilian state development bank BNDES.

Investors include United Airlines, BAE Systems, Thales, Rolls-Royce, Acciona and Bradesco BBI.

This month, the firm announced a fresh round of fundraising totaling $94 million, with investments from Embraer and Japan’s Nidec, one of its key suppliers.

“This gives us comfort that we will be able to keep developing this product until 2027,” Bordais said, which would meet Eve’s cash needs through the certification process. “We had cash for 2025, now we are going until 2027.”

Eve’s potential orders for air flying taxi

Eve has amassed nearly 3,000 potential orders ahead of production, which it hopes to eventually convert into firm orders. Interested clients include U.S. carrier United, charter firm Global Crossing and aircraft lessor Azorra.

“We do not need to convert these (letters of intent) right now, especially with the new investment,” Bordais said.

Last year, Eve announced it would have an eventual capacity of producing 480 aircraft per year, with four equally-sized production facilities in the city of Taubaté, in the state of São Paulo, Brazil, capable of producing 120 units each.

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