Eve Air Mobility and Shearwater Global Capital signed a Letter of Intent (LOI) for up to 16 electric vertical takeoff and landing (eVTOL) aircraft on July 19, 2026, at the Farnborough International Airshow. The agreement introduces a dedicated leasing model to the advanced air mobility (AAM) sector, allowing future operators to launch electric air taxi services without the capital burden of outright aircraft purchases.

Announced via a company press release, the deal marks a significant step for institutional aviation finance entering the AAM market. Shearwater Global Capital, which joined Bay Point in April 2026 to establish an aviation finance vertical, intends to purchase the Eve 100 aircraft and lease them downstream to carriers.

Leasing model lowers barriers for operators

By acting as a lessor, Shearwater aims to provide financing solutions that reduce the upfront capital requirements for airlines and operators looking to integrate eVTOLs into their fleets. This approach mirrors traditional commercial aviation finance, where leasing companies hold significant portions of the global fleet to distribute financial risk and enable operator growth.

“This order reflects our confidence in Eve’s technology, leadership team, and vision for advanced air mobility,” said Chris Miller, Managing Director of Aviation at Shearwater Global Capital. He noted that the firm intends to play a leading role in supporting the global growth of the sector through these leasing structures.

Eve Air Mobility expands Farnborough footprint

The agreement with Shearwater is a non-binding LOI, and specific delivery dates and financial terms have not been disclosed by the companies. The announcement coincided with a separate LOI signed on July 19, 2026, between Eve Air Mobility and Moov Airways for up to 30 eVTOL aircraft intended for tourism and regional mobility in Cabo Verde.

Johann Bordais, CEO of Eve Air Mobility, welcomed the partnership, stating that the company looks forward to supporting Shearwater as it brings leasing solutions to the market. The commercial momentum at Farnborough was accompanied by regulatory progress, as Brazil’s National Civil Aviation Agency (ANAC) published proposed noise certification criteria for the Eve 100 on the same day.

AirPro News analysis

We view the entry of established aviation finance entities like Shearwater Global Capital into the eVTOL space as a critical maturation point for the AAM industry. While manufacturers have accumulated thousands of conditional orders, the transition from non-binding LOIs to firm, funded contracts requires robust financing mechanisms. The lessor model will likely be essential for AAM adoption, as many early operators will lack the balance sheet strength to acquire fleets of Eve 100 aircraft outright. The concurrent progress on ANAC noise certification criteria provides a necessary regulatory foundation to support these future financial commitments.

Sources: Eve Air Mobility / Embraer

The Federal Aviation Administration (FAA) has granted a Special Airworthiness Certificate in the Experimental Category (SAC-EC) to Heart Aerospace for its X1 demonstrator, clearing the path for immediate test-flights of what is expected to be the largest electric-aviation aircraft ever flown.

The authorization was announced in a company press release on July 23, 2026. The X1 serves as a full-scale testbed for the manufacturers‘s planned 30-seat hybrid-electric regional airliner, the ES-30. Testing operations will be conducted at Heart Aerospace’s dedicated flight-test facility at Plattsburgh International Airport in upstate New York.

Demonstrator specifications and testing progress

The X1 demonstrator features a wingspan of 106 feet and a fuselage length of 76 feet. The aircraft has a maximum takeoff weight exceeding 25,000 pounds. These dimensions make the X1 a critical platform for validating electric propulsion systems at a scale relevant to commercial regional transport.

Prior to receiving FAA clearance, the X1 completed an extensive ground testing campaign. This program evaluated structural integrity, propulsion systems, and onboard avionics. The aircraft successfully concluded low-speed taxi testing at Plattsburgh International Airport in late May 2026.

Anders Forslund, Founder and CEO of Heart Aerospace, noted that earning the FAA flight authorization brings the program to the threshold of its first-flight.

“This achievement reflects the rigor of the work completed by Heart’s engineering and flight-test teams, as well as the close working relationship we have built with the FAA. With our certificate now in hand, our full focus is on flight. We are ready to get X1 in the air,” Forslund stated.

Program timeline and strategic shifts

The regulatory approval follows a revised development timeline for the X1 program. Heart Aerospace originally scheduled the maiden flight for 2025. The company delayed the first flight to early 2026 after a structural test required engineers to replace a composite wing component. While the FAA has now authorized immediate flight operations, Heart Aerospace has not yet published a specific date for the maiden flight.

The manufacturer has also restructured its corporate footprint to align with its target market and investor base. In April 2025, Heart Aerospace relocated its corporate headquarters from Gothenburg, Sweden, to Los Angeles, California. The relocation was executed to consolidate operations, accelerate development, and position the company closer to its primary United States customers.

The ES-30 commercial pathway

Flight data gathered from the X1 demonstrator will directly inform the certification and production of the ES-30. The planned production aircraft is designed to accommodate 30 passengers with an all-electric, zero-emission range of 200 kilometers. When utilizing its hybrid-electric system with a payload of 25 passengers, the aircraft’s range extends up to 800 kilometers.

The ES-30 has generated commercial interest from regional operators. Icelandair, which holds a seat on the Heart Aerospace advisory board, has signed a letter of intent to acquire five ES-30 aircraft. The airline is targeting commercial service entry for the hybrid-electric airliner in 2031.

AirPro News analysis

Securing the SAC-EC from the FAA is a mandatory regulatory hurdle for any novel aircraft architecture. For Heart Aerospace, this certification validates the company’s ground testing data and structural redesigns following the 2025 composite wing component replacement. As the aviation industry monitors the transition from sub-scale models to full-scale hardware, the upcoming X1 flight test campaign will provide critical real-world data on battery thermal management, electric motor reliability, and aerodynamic performance at a scale previously untested in electric aviation. We anticipate the flight test results will heavily influence the final design freeze for the production ES-30.

Sources: Heart Aerospace

Eve Air Mobility (NYSE: EVEX) and Switzerland-based aviation company Moov signed a Letter of Intent (LOI) on July 19, 2026, for the purchase of up to 30 electric vertical takeoff and landing (eVTOL) aircraft to establish advanced air mobility (AAM) networks in Cabo Verde and Europe.

Announced during the Farnborough International Airshow in a company press release, the agreement targets the growing tourism sector in the African archipelago of Cabo Verde. The partnership will evaluate deploying the Eve 100 eVTOL for sightseeing, resort shuttles, medical transport, and infrastructure inspections across islands including São Vicente, Santo Antão, Sal, Praia, and Boa Vista.

Targeting the Cabo Verde tourism market

According to World Bank data cited in the release, Cabo Verde recorded an estimated 1.18 million tourist arrivals in 2024, representing a 16.5 percent year-over-year increase. Moov plans to leverage this growth by integrating vertical lift operations into the region’s existing transport infrastructure.

Captain Alvaro N. de Oliveira, founder and CEO of Moov, stated that the region is uniquely positioned to benefit from innovative mobility solutions that support long-term connectivity and economic development.

“By working with Eve, we are exploring how eVTOL aircraft could complement our broader vision for aviation in the mid-Atlantic and open new possibilities for premium, efficient and sustainable transport,” de Oliveira said.

Johann Bordais, CEO of Eve Air Mobility, noted that the Cabo Verde market offers a compelling combination of tourism demand growth, geographic diversity, and infrastructure investment momentum.

Eve Air Mobility’s Farnborough momentum

The Moov agreement adds to a series of commercial and regulatory developments for Eve Air Mobility at the Farnborough International Airshow. On July 19, 2026, the manufacturer secured a separate order for up to 16 eVTOL aircraft from Shearwater Global Capital, an aviation finance company.

Regulatory progress also advanced on July 19, 2026, when Brazil’s National Civil Aviation Agency (ANAC) published proposed noise certification criteria for the Eve 100 eVTOL. These milestones coincide with the company showcasing its full-scale eVTOL prototype at the airshow to demonstrate flight progress and its path toward certification.

AirPro News analysis

We view the Moov LOI as a strategic demonstration of how eVTOL manufacturers are targeting island nations and archipelagos as early-adopter markets. Cabo Verde’s geography makes traditional ground transport between key tourist sites and airports challenging, creating a clear use case for vertical lift capabilities. While the LOI represents a non-binding commitment, securing agreements across diverse geographic regions helps Eve Air Mobility validate its global operational model ahead of anticipated commercial entry.

Sources: Embraer