According to an official on Friday, Eve Holding Inc., a manufacturer of electric aircraft, is on pace to achieve its objective of beginning commercial operations in 2026. The company’s immediate goal is to have its aircraft certified.
Luiz Mauad, Eve’s vice president of services and fleet operations, told the media that he anticipates authorities to make headway on creating regulations for the industry in 2023. This would open the door for certification in a few years.
Eve: We need electric vertical take-off certification first
The Brazilian civil aviation authority must certify Eve’s electric vertical take-off and landing (eVTOL) aircraft. The aircraft already has a backlog of more than 2,700 orders before the start of production. Eve is owned by Brazilian aircraft manufacturer Embraer SA.
Starting work is a significant accomplishment, but certification comes first, confirmed Mauad. Additionally, he noted that certifying an airplane, even a conventional one, is always a major challenge. Mauad announced this success of the company ahead of the MRO Latin America event in Buenos Aires.
According to Mauad, Eve is confident in the “strong project” they have. Embraer’s experience supports the project and the goal of beginning operations in 2026 has been reaffirmed.
Money is not an issue for Eve
Following a listing in the United States and extra investment from Brazil’s state development bank BNDES, he claimed Eve already had the money required for the project. They will need a $540 million initial budget.
After consolidating operations with Zanite Acquisition Corp., Eve made its debut on the New York Stock Exchange in May 2022, raising about $400 million to produce its flying taxis. Later, BNDES declared that it will provide Eve an extra $94.47 million.
United Airlines, Acciona SA, SkyWest Inc., Bradesco BBI, Rolls-Royce, Thales, and BAE Systems are some of Eve’s investors.
Eve works on software for air traffic control
As the company’s vice president Mauad noted, Eve has also been working on solutions including software for air traffic control. He added that Eve has a solid base of investment to make their planned project, the same as the company, and goods itself, sustainable.
Until these items are placed into service, the company hopes that it can develop them. Considering the finance they have, it is highly possible. Even though the company is still in a pretty comfortable situation, additional investments could yet be made by Eve if necessary.
Eve is not alone, competition in the industry is high
Earlier this year, the consulting company McKinsey predicted that players in the industry would need additional investment. Eve’s competitors include Lilium NV, Joby Aviation Inc, Vertical Aerospace Ltd, and Archer Aviation Inc.
In a research paper, McKinsey also made a possible consolidation suggestion, stating that as players develop and it may become evident which technologies, designs, and business models are likely to succeed, mergers and firm closures may be observed.
Although Eve’s officials accepted the possibility of a sector-wide consolidation process, they still emphasized that they are primarily concerned with forming partnerships.