U.S. EXIM Bank Bets On Air Taxis, Loans $15M to Embraer's Eve [Yahoo! Finance]
BAE SYSTEMS PLC S/ADR (BAESY)
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Source: Yahoo! Finance
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
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