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SAN JOSE - Eve Air Mobility (NYSE:EVEX), a $1.99 billion market cap company whose shares have surged nearly 24% in the past week, has signed a Letter of Intent with Aerosolutions and Bluenest by Globalvia for the sale of up to 50 electric vertical take-off and landing aircraft and access to Eve’s TechCare services, the company announced Monday. According to InvestingPro analysis, the stock is currently trading near its 52-week high of $6.69.
The agreement aims to develop an Advanced Air Mobility ecosystem in Costa Rica, initially focusing on the Pacific northwest region of Guanacaste. The planned routes will connect airports to premium resorts and eco-destinations across distances of 20 to 50 kilometers.
"Joining forces with Aerosolutions and Bluenest by Globalvia allows us to accelerate the introduction of safe, sustainable, and efficient air mobility in Costa Rica," said Johann Bordais, CEO of Eve Air Mobility.
The partnership seeks to address transportation challenges in Costa Rica, which welcomes over three million foreign visitors annually but faces congestion on its road networks. The air taxi service aims to reduce ground traffic while supporting the country’s eco-tourism initiatives. With a strong current ratio of 3.6, InvestingPro data shows Eve Air Mobility maintains robust liquidity to support its expansion plans, though analysts expect the company to remain unprofitable this year.
Bluenest, the Advanced Air Mobility business line of Globalvia, will develop vertiport infrastructure for the operations. Globalvia currently operates Costa Rica’s Ruta 27-Autopista del Sol highway.
Antonio Mota, CEO of Aerosolutions, said the partnership "will reduce travel times and congestion in key tourist regions like Guanacaste and reinforce the nation’s reputation as a global leader in eco-friendly innovation."
Eve’s eVTOL aircraft features a lift+cruise configuration with eight dedicated propellers for vertical flight and fixed wings for cruise flight. The aircraft includes an electric pusher powered by dual electric motors.
The collaboration will include workshops covering vertiport development, airspace integration, pilot training, and certification requirements to prepare for deployment in the region, according to the press release statement. While Eve Air Mobility appears overvalued based on InvestingPro’s Fair Value calculations, analysts maintain a bullish outlook with an average rating of 1.75. Discover 13 additional ProTips and comprehensive analysis in the Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Eve Holding Inc. has been the focus of several key developments. The company received a non-repayable grant of up to $15.8 million from Brazil’s FINEP, which is part of a larger $33.8 million investment aimed at advancing urban air mobility solutions. This funding is expected to enhance Eve’s autonomous flight systems and engineering capabilities. Analysts from H.C. Wainwright have increased the company’s price target from $6.00 to $8.00, maintaining a Buy rating, influenced by the anticipated growth in the eVTOL and drone market, especially in defense sectors. Jefferies also raised Eve Holding’s stock price target to $7.00 from $6.00, following insights from their eVTOL Summit, where the company discussed its production capabilities and financial outlook. Eve Holding plans to start unmanned flight tests in summer 2025, with certification expected in the early second half of 2027. The company maintains an Overweight rating from Cantor Fitzgerald, supported by its relationship with Embraer, which provides manufacturing and certification advantages. Eve Air Mobility has announced design updates to its eVTOL aircraft, including a reconfigurable cabin and improved ground maneuverability. These developments underscore Eve Holding’s strategic advancements in the eVTOL market.
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