Embraer’s eVTOL subsidiary, Eve Air Mobility, has announced $94m in new equity financing from multiple investors.

The funding, which includes the issuance of new shares of common stock and warrants, includes participation from companies that include Embraer, Nidec and additional financial investors.  The cash will support the continued development and manufacturing of the company’s eVTOL.

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“We appreciate the confidence that these investors are placing in Eve. The new equity, along with existing cash and credit lines, ensures Eve is well positioned as we continue to build momentum and advance in the development and manufacturing of our eVTOL,” said Eduardo Couto, chief financial officer at Eve Air Mobility.

Eve’s eVTOL aircraft prototype, currently under assembly, will use eight dedicated propellers for vertical flight and fixed wings to fly in cruise, with no change in the position of these components during flight. The concept includes an electric pusher powered by dual electric motors that provide propulsion redundancy.