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BNDESPAR (BNDES Participações S.A.), the wholly-owned equity subsidiary of Brazil's national development bank, approved a USD 74.9m (BRL 405.3m) subscription of BDRs backed by newly issued ordinary shares of Eve Air Mobility — the Embraer-controlled eVTOL developer building its production plant in Taubaté, São Paulo. BNDES president Aloizio Mercadante framed the deal explicitly as industrial policy: positioning Brazil "at the vanguard of sustainable air mobility" and timed rhetorically to the 120th anniversary of Santos Dumont's 14-Bis flight. This is BNDESPAR's second direct equity operation since resuming direct stock investment as a policy tool (after the "Chamada de Clima" fund-of-funds vehicle filed separately — see 2025-09-01-brazil-bndespar-chamada-de-clima-green-fund-call).
This equity operation sits alongside a longer run of BNDES debt support to the same eVTOL programme (BRL 1.2bn+ since 2022, including a BRL 200m Fundo Clima/FINEM loan filed as 2025-12-09-brazil-bndes-eve-air-mobility-evtol-loan) — together they show the state using both equity and credit arms of BNDES to underwrite a single national-champion aerospace project.
state-backed strategic-industry priority, parallel to the semiconductor (Brasil Semicon) and EV (Mover) programmes already in the register.
institutional capital behind the same policy bet, not just BNDES's own balance sheet.
tranches) is a useful node for tracking Brazilian industrial-policy concentration risk in a single company.
the primary source; Eve's market cap at the time was reported near USD 1.8bn by secondary press (not independently confirmed here).
B3 is not yet tracked.