Eve : Air Mobility and Saudia Technic Sign MOA to Explore MRO Activities and eVTOL Reassembly in Saudi Arabia

RIYADH, Saudi Arabia - May 21, 2024 - Eve Air Mobility ("Eve") (NYSE: EVEX; EVEXW) and Saudia Technic, the leading MRO service provider in the Middle East, have announced today during the third edition of the Future Aviation Forum in Riyadh, Saudi Arabia, the signature of a Memorandum of Agreement (MoA) to explore the potential demand of Maintenance, Repair and Overhaul (MRO) activities for electric vertical take-off and landing (eVTOL) aircraft in the region. The agreement includes eVTOL MRO training and the evaluation of the infrastructure requirements and processes for the potential reassembly of Eve's eVTOL in Saudi Arabia.

"We are delighted about the collaboration with Saudia Technic, which will support the introduction and scalability of eVTOL operations in the Middle East," said Johann Bordais, CEO of Eve. This MoA allows us to examine not only MRO activities, which are essential to ensure safety, reliability, and profitability, but also address the logistical challenges we have to deliver our eVTOL to our customers in the region."

Fahd Cynndy, CEO of Saudia Technic, expressed that the collaboration with Eve Air Mobility marks a significant milestone in their quest for innovation. "This MoA is in perfect harmony with Saudi Vision 2030, as it aims to establish Saudia Technic and Eve as leaders in the air mobility sector in Saudi Arabia and the broader Middle East. By adopting cutting-edge technologies and seamlessly incorporating them into their operations, they are defining a new benchmark for aviation excellence in the region," he emphasised.

During the signing ceremony at the event, Ramy Nasralla, Saudia Technic's Head of Commercial, stressed the strategic fit of their agreement with Eve Air Mobility and Saudia Technic's vision and national aviation strategy. He highlighted the transformative impact of their MRO++ approach, which modernises maintenance practices with a comprehensive solution covering all aspects of aircraft maintenance. Through initiatives like ST Nova™, Saudia Technic boosts its service capabilities and paves the way for future innovations. Nasralla emphasised the double '+' in MRO++, symbolising their commitment to global integration and Saudia Technic's regional and global expansion aspirations, positioning itself as a major player in the international MRO arena.

Last year, Eve announced the location of its first eVTOL production facility in Taubaté, Brazil. Currently, the company is assembling its first full-scale eVTOL prototype, which will be followed by a comprehensive test campaign. With letters of intent for nearly 3,000 eVTOLs, Eve is poised to significantly impact the advanced air mobility industry globally.

In addition to the eVTOL development, Eve has also been developing several solutions to support its customers from Day 1, from services and support to network optimisation with Vector, Eve's Urban Air Traffic Management (Urban ATM) software designed to safely address the unique air traffic and network management challenges of current and future Advanced Air Mobility (AAM) operations, focusing on fleet and vertiport operators, and future service providers for AAM, including Air Navigation Service Providers (ANSPs).

Image: https://eve.imagerelay.com/fl/3b0757e94cc542deb02da31900bdeac3

Follow Eve on X, Instagram, Facebook, LinkedIn and YouTube: @EveAirMobility

About Eve Air Mobility

Eve is dedicated to accelerating the Advanced 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 AAM ecosystem, with an advanced eVTOL project, comprehensive global services and support network and a unique air traffic management solution. Since May 10, 2022, Eve is 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.

About Saudia Technic

Saudia Technic, headquartered at King Abdulaziz International Airport in Jeddah, is the premier MRO service provider in the Middle East. The company is renowned for its comprehensive aircraft maintenance solutions and is dedicated to upholding the highest safety and quality standards in the aviation industry.

Media Contacts:

Eve Air Mobility: [email protected]

Forward-Looking Statement Disclosure

Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "plan," "project," "could," "should," "would," "continue," "seek," "target," "guidance," "outlook," "if current trends continue," "optimistic," "forecast" and other similar words or expressions. All statements, other than statements of historical facts, are forward-looking statements, including, but not limited to, statements about the company's plans, objectives, expectations, outlooks, projections, intentions, estimates, and other statements of future events or conditions, including with respect to all companies or entities named within. These forward-looking statements are based on the company's current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of the company's most recent Annual Report on Form 10-K, Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors of the company's most recent Quarterly Report on Form 10-Q, and other risks and uncertainties listed from time to time in the company's other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements. other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.