11:06 AM EDT, 10/15/2024 (MT Newswires) -- Embraer's ( ERJ ) Eve Air Mobility (EVEX) said Tuesday it has secured an $88 million loan deal with Brazil's National Development Bank to fund the development of its production facility in the country.

The planned electric vertical take-off and landing, or eVTOL, aircraft production facility in Taubate in Sao Paulo state is expected to eventually have a total annual output of up to 480 aircraft per year, Eve said.

The company said the new loan, which has a maturity of 16 years, follows the bank's approval of a $92.5 million credit line in 2022 to support Eve's eVTOL development program.

Shares of Eve were up 3.8%, while Embraer ( ERJ ) fell 1.5% in recent trading.

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