The U.S. Export-Import Bank (EXIM) and Private Export Funding Corporation (PEFCO) are backing supply chains for electric vertical takeoff and landing (eVTOL) air taxis.
Embraer eVTOL unit Eve Air Mobility—which has dual headquarters in Brazil and Melbourne, Florida—on Thursday revealed that EXIM and PEFCO loaned it $15 million to cover the cost of electric batteries and engineering services from its U.S. supplier, BAE Systems Inc. Eve told FLYING that it has already paid BAE for those parts and services, and the $15 million is essentially a reimbursement.
EXIM, an independent executive branch agency, is the country’s official export credit agency. It is designed to provide financing to U.S. exporters when the private sector is unable or unwilling to do so.
“The EXIM Bank and PEFCO financing is directly connected to Eve’s program with BAE Systems for the procurement of batteries and engineering solutions for our eVTOL,” said Eve spokesperson Steve Brecken. “The structure of the financing does not involve annual or future installments, and the funding is specific to U.S. activities.”
BAE, which is providing the energy storage system for the air taxi, is one in a long list of Eve suppliers. Others include fellow electric aircraft manufacturer Beta Technologies, for electric pusher motors; Nidec Corp. for electric propulsion; Thales for sensors and computers; Honeywell for guidance and navigation; Garmin for its G3000 Integrated Flight Deck; Crouzet for pilot controls; Aciturri for wing structures; and Duc Hélice Propellers for rotors and propellers.
The companies’ relationship dates back to 2021, when BAE invested $10 million in Eve, and its U.K.-based Air sector agreed to explore an eVTOL defense variant with Embraer Defense and Security. The following year, BAE signed a nonbinding agreement for the potential order of up to 150 Eve aircraft.
“Including BAE Systems’ batteries as part of the overall Eve eVTOL sale and export package streamlines the procurement process for international buyers, offering a comprehensive, integrated solution,” Eve wrote in a news release.
Air Taxi Lifts Off
According to Eve, the $15 million will support and “de-risk” the company’s aircraft development and test program, which in December took a major step with the maiden flight of a full-scale, nonconforming prototype.
The uncrewed, remotely piloted hover flight at Eve’s facility in São Paulo lasted about one minute. Per CEO Johann Bordais, it captured “high-fidelity data” on the airframe design, control laws, integrated propulsion system, and eight dedicated vertical lift rotors.
The flight also validated the air taxi’s integration of Embraer’s fifth-generation fly-by-wire system, which features on the manufacturer’s E2, KC-390, and other models. The system, combined with a four-axis sidestick, comprises the air taxi’s pilot controls. Pilots will be trained through a joint venture between Embraer and CAE.
Eve said it will build six conforming air taxi prototypes for the flight test campaign. The company plans to conduct further hover flights with its nonconforming prototype before expanding the envelope.
Throughout 2026, it will work toward the transition from vertical hover to wingborne forward flight—the key capability that differentiates eVTOL models from helicopters and conventional aircraft. Beta and Joby Aviation completed crewed transition flights with full-scale prototypes in 2024 and 2025, respectively, while Archer Aviation made an uncrewed transition in 2024.
