Saudi Arabia Partners with US Firm to Launch 'Flying Cars'
Saudi Arabia has teamed up with Doroni Aerospace, a US company, to manufacture and export the revolutionary H1-X 'flying car.' This partnership signifies a major step towards advanced personal transportation solutions.
The H1-X is a two-seater aircraft designed for personal use. It can conveniently fit in a two-car garage and recharge at home. This innovative aircraft takes off vertically from a driveway, making it ideal for urban environments.
Doroni Aerospace, headquartered in Pompano Beach, Florida, announced a $30 million investment from Innovation Wings Industries (IWI), also known as Kingdom Aero Industries (KAI) in Saudi Arabia. This funding will accelerate the development of the H1-X's electric vertical take-off and landing (eVTOL) system. Expanding Market Reach
According to a press release from Doroni, the partnership aims to launch the H1-X by the end of 2026. The joint venture will start manufacturing the aircraft in Saudi Arabia in 2027, enabling global distribution. This deal will help expand Doroni's market reach significantly.
The $30 million investment includes an initial $5 million payment due at closing, with the remaining $25 million contingent on achieving key development milestones over the next two years. After the investment, KAI will own a 40% stake in Doroni, subject to future capital raises.
Doroni CEO Doron Merdinger emphasized the acceleration of various processes: 'This investment speeds up development, certification, and production. We aim to bring the H1-X to market by the end of 2026.'
KAI's CEO, Ismail Kashkash, joined Doroni's Board of Directors as part of the agreement. He expressed confidence in Doroni, stating, 'This partnership aligns with our mission to provide transformative air mobility solutions to the world.' Vision 2030 and Economic Diversification
Saudi Arabia's investment in advanced transportation technology aligns with its Vision 2030 goals. The initiative aims to diversify the economy, reducing reliance on oil revenues and embracing innovative solutions.
This partnership represents a significant leap forward in personal mobility, positioning Saudi Arabia at the forefront of transportation innovation.
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