MELBOURNE, FL – July 1, 2024 – Nidec Corporation (”Nidec”) has announced a minority investment in Eve Air Mobility (“Eve”), a manufacturer of electric vertical take-off and landing (eVTOL) aircraft and launch partner for Nidec Aerospace’s electric propulsion systems, through the Company’s subsidiary, Nidec Motor Corporation, on July 1, 2024.
The $20M USD investment will be allocated to support research & development at Eve as it prepares for the air-worthiness certification of its eVTOL aircraft by the end of 2026. The funds will also help the company finance its operations through 2027. Nidec’s investment represents a stake of less than 5% in Eve.
“We view this investment in Eve as a confirmation of our confidence in Nidec’s aerospace strategy and an extension of our strategic partnership with Embraer,” comments Vincent Braley, CEO of Nidec Aerospace. “The global demand for electrified urban air mobility is expected to ramp up over the next few years, and Nidec is well-equipped to develop technology and make investments into the value chain that supports the cleaner, quieter, and more efficient travel of the future.”
Nidec announced its entrance into the electric aviation space in June 2023 when it unveiled the establishment of Nidec Aerospace, a joint venture with leading aircraft manufacturer Embraer. With Nidec owning a 51% share and Embraer a 49% share, Nidec Aerospace will develop and manufacture electric propulsion systems for eVTOL vehicles, with the aim of providing the system to non-eVTOL vehicles in the future. Eve, which was established as Embraer’s eVTOL manufacturing development project, selected Nidec as the electric propulsion system supplier for its eVTOLs.
Eve will also include Nidec as a recommended vendor for eVTOL chargers in its Ground Support Equipment manuals. Nidec DC ultrafast chargers quickly charge several types of electric vehicle today, and when paired with a Nidec battery energy storage system (BESS) and energy management system (EMS), can be installed in locations with more limited access to high power electricity to ensure reliable, fast, and cost-efficient charging in any place and weather condition.
“Our future eVTOL customers are in good hands with Nidec from take-off to touch-down,” says Eve CEO Johann Bordais. “Sustainability and safety are our guiding principles at Eve, which is why we selected Nidec electric propulsion systems to power our eVTOL aircraft, and why we encourage fleet operators to use Nidec electric chargers to quickly and safely charge them”.
Today, Eve leads the market in backlog with letters of intent to order 2,900 eVTOL units, and is set to start flight tests by the end of 2024, with mass production beginning in 2026.
While Nidec Aerospace will initially use its electric propulsion systems to support electrified advanced air transportation, it aims to use the same technology to support sustainable aviation in a wide range of aerospace market segments, including eVTOLs, unmanned large drones, and electric airplanes for agriculture, cargo delivery, natural disaster mitigation, and construction applications.
About Nidec
Nidec Corporation is the world's leading comprehensive electric motor manufacturer. Based in Kyoto, Japan, Nidec Corporation offers motors ranging from micro-size to super large, as well as application products and services in IT, automation, home appliances, automobiles, commercial and industrial systems, environmental, energy, and many other businesses. Nidec is composed of approximately 340 group companies employing more than 100,000 people all over the world.
With headquarters in St. Louis, MO, Nidec Motor Corporation (NMC) is the leading manufacturer of commercial, industrial, and appliance motors and controls. The NMC product line features a full line of high efficiency motors, large and small, that serve industrial, residential, and commercial markets in applications ranging from agriculture, water treatment, mining, oil and gas, and power generation to pool and spa motors, air conditioning condensers, rooftop cooling towers, and commercial refrigeration. NMC also makes motors, controls, and switches for automotive and commercial markets.
About Eve Air Mobility
Eve is dedicated to accelerating the Urban Air Mobility ecosystem. Benefitting from a start-up mindset, backed by Embraer S.A.’s more than 50-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, a comprehensive global services and support network and a unique air traffic management solution. Since May 10, 2022, Eve has been listed on the New York Stock Exchange, where its shares of common stock and public warrants trade under the tickers “EVEX” and “EVEXW.” For more information, please visit www.eveairmobility.com.