Latest news with #H1-X
Al Bawaba
04-03-2025
- Automotive
- Al Bawaba
Saudi Arabia to manufacture flying cars in partnership with US firm
Published March 4th, 2025 - 03:50 GMT ALBAWABA – Saudi Arabia is partnering with Doroni Aerospace, a pre-revenue aerospace engineering and manufacturing company, to manufacture and sell flying cars. Also Read Tesla raises prices of S-line cars in the US by $5,000 Saudi Arabia to make and sell flying cars Doroni Aerospace, a US-based aerospace company, has developed a practical, efficient, and cost-effective electric vertical takeoff and landing (eVTOL) mobility platform and secured $30 million in investment to manufacture its H1-X personal investment was made in partnership with Innovation Wings Industries (IWI), a Saudi Arabia-based aerospace engineering firm operating under the name Kingdom Aero Industries (KAI). This partnership aims to manufacture and sell the H1-X, a sleek, modern, two-passenger eVTOL concept aircraft designed for advanced air mobility (AAM). Notably, the H1-X is designed for personal use, with the convenience of being parked in home garages and charged at home. The aircraft is expected to be priced at $350, to the agreement, the Saudi and US firms plan to begin manufacturing and selling the flying cars in Saudi Arabia by 2027. With Kingdom Aero Industries (KAI) providing the $30 million investment, the company will hold approximately 40% of the total shares in Doroni Aerospace.'We are excited to welcome Kingdom Aero Industries as a strategic investor and manufacturing partner. This investment fuels and accelerates the H1-X development, while our joint venture will establish the production infrastructure necessary for global distribution,' stated Doron Merdinger, Founder and CEO of Doroni Aerospace. CEO of KAI, Ismail Kashkash, commented: 'This partnership aligns with our mission to bring transformative air mobility solutions to the world. We are proud to help drive Doroni's vision and establish a world-class manufacturing hub in Saudi Arabia.' Also Read Scientists develop shape-shifting tiny robots © 2000 - 2025 Al Bawaba (
Leaders
03-03-2025
- Automotive
- Leaders
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. Short link : Post Views: 71
Zawya
03-03-2025
- Automotive
- Zawya
Saudi Arabia to partner with US company to manufacture and export 'flying taxis'
RIYADH — The American Doroni Aerospace company announced that it has decided, in partnership with Saudi entities, to manufacture H1-X 'flying car.' Designed for personal use, the HX-1 is a two-seater aircraft that can be parked in a two-car garage, charged at home, and can take off vertically from a driveway. Doroni Aerospace, a company based in Pompano Beach in Florida, said it has secured a $30 million strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia. This investment will accelerate the company's H1-X's eVTOL (electric vertical take-off and landing) development, bringing Doroni closer to its goal of launching the aircraft by the end of 2026, said Doroni in a press release. 'The definitive agreement includes plans for a joint venture to manufacture the H1-X in Saudi Arabia, starting in 2027, said Doroni. 'The joint venture, co-owned and financed by KAI, will produce and distribute the aircraft globally, expanding Doroni's market reach. Formalization of the agreement is expected in the coming months. The $30 million investment includes an initial $5 million to be invested at the closing, with the remaining $25 million tied to key development milestones over the next two years. Upon completion, KAI will hold a 40 percent stake in Doroni, subject to future capital raises. Doroni CEO Doron Merdinger said: 'This investment accelerates everything—scaling development, certification, production, and hiring the best aerospace minds in the world to bring the H1-X to market by the end of 2026. We couldn't be more excited for what's ahead,' he said. The agreement stipulates that KAI will produce the aircraft jointly with Doroni and distribute it around the world. Expected to be formalized in the coming months, the deal includes plans for a joint venture to manufacture the H1-X in Saudi Arabia from 2027 – expanding Doroni's global footprint. KAI's investment will be made in stages – an initial $5 million is due upon the closing of the deal which is expected within 30 days. The remaining $25 million will be tied to key development milestones over the next two years. Upon completion, KAI will hold a 40 percent stake in Doroni subject to future capital raises, and CEO of KAI Ismail Kashkash has also joined Doroni's Board of Directors as part of the deal. 'We believe Doroni is leading the future of personal eVTOL mobility, and the H1-X represents that future,' Kashkash said. 'This partnership aligns with our mission to bring transformative air mobility solutions to the world. We are proud to help drive Doroni's vision forward and establish a world-class manufacturing hub in Saudi Arabia,' he said. Saudi Arabia is investing in advanced transportation technology as part of Vision 2030 projects, which aim to diversify the Saudi economy away from relying on oil revenues alone. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
02-03-2025
- Automotive
- Saudi Gazette
Saudi Arabia to partner with US company to manufacture and export 'flying taxis'
Saudi Gazette report RIYADH — The American Doroni Aerospace company announced that it has decided, in partnership with Saudi entities, to manufacture H1-X 'flying car.' Designed for personal use, the HX-1 is a two-seater aircraft that can be parked in a two-car garage, charged at home, and can take off vertically from a driveway. Doroni Aerospace, a company based in Pompano Beach in Florida, said it has secured a $30 million strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia. This investment will accelerate the company's H1-X's eVTOL (electric vertical take-off and landing) development, bringing Doroni closer to its goal of launching the aircraft by the end of 2026, said Doroni in a press release. 'The definitive agreement includes plans for a joint venture to manufacture the H1-X in Saudi Arabia, starting in 2027, said Doroni. 'The joint venture, co-owned and financed by KAI, will produce and distribute the aircraft globally, expanding Doroni's market reach. Formalization of the agreement is expected in the coming months. The $30 million investment includes an initial $5 million to be invested at the closing, with the remaining $25 million tied to key development milestones over the next two years. Upon completion, KAI will hold a 40 percent stake in Doroni, subject to future capital raises. Doroni CEO Doron Merdinger said: 'This investment accelerates everything—scaling development, certification, production, and hiring the best aerospace minds in the world to bring the H1-X to market by the end of 2026. We couldn't be more excited for what's ahead,' he said. The agreement stipulates that KAI will produce the aircraft jointly with Doroni and distribute it around the world. Expected to be formalized in the coming months, the deal includes plans for a joint venture to manufacture the H1-X in Saudi Arabia from 2027 – expanding Doroni's global footprint. KAI's investment will be made in stages – an initial $5 million is due upon the closing of the deal which is expected within 30 days. The remaining $25 million will be tied to key development milestones over the next two years. Upon completion, KAI will hold a 40 percent stake in Doroni subject to future capital raises, and CEO of KAI Ismail Kashkash has also joined Doroni's Board of Directors as part of the deal. 'We believe Doroni is leading the future of personal eVTOL mobility, and the H1-X represents that future,' Kashkash said. 'This partnership aligns with our mission to bring transformative air mobility solutions to the world. We are proud to help drive Doroni's vision forward and establish a world-class manufacturing hub in Saudi Arabia,' he said. Saudi Arabia is investing in advanced transportation technology as part of Vision 2030 projects, which aim to diversify the Saudi economy away from relying on oil revenues alone.
Arab News
25-02-2025
- Automotive
- Arab News
Saudi Arabia signs deals to localize aerospace manufacturing, enhancing aviation hub status
JEDDAH: Saudi Arabia has signed multiple deals to localize aerospace manufacturing, including aircraft maintenance, air taxis, vertical take-off and landing systems, and helicopter production. During the Aerospace Connect Forum, held in Jeddah from Feb. 24 to 25, the National Industrial Development Center signed a memorandum of understanding with European aerospace company Airbus to advance helicopter development and localization in the Kingdom. This agreement, along with others, supports Saudi Vision 2030 by advancing aerospace localization and reinforcing its position as a global leader in the sector. It also aligns with the Kingdom's broader aviation and industrial strategies, promoting local manufacturing, attracting investment, and reducing reliance on imports. Additionally, these deals contribute to the General Authority for Military Industries' goal of localizing 50 percent of military spending by 2030. By partnering with global aerospace leaders, Saudi Arabia is fostering technological advancement, high-skilled jobs, and industrial growth. The Industrial Center has also signed a MoU with Kingdom Aero Industries and Doroni, focusing on localizing and manufacturing light-sport aircraft with vertical takeoff and landing capabilities. This partnership is a significant move for both parties as they aim to develop the H1-X flying car and strengthen Saudi Arabia's position inthe aerospace sector. مذكرة تفاهم بين #المركز_الوطني_للتنمية_الصناعية وLife Shield وAuto Gyro تنص على توطين ونقل تقنية صناعة طائرات التاكسي والهليكوبتر.#نُمكن_صناعة_الطيران#ملتقى_صناعة_الطيران An MOU between the #NIDC, Life Shield, and Auto Gyro outlines the localization and technology transfer… — Aerospace Connect Forum (@Aerosforum2025) February 24, 2025 US startup Doroni has secured a promising partnership with Innovation Wings Industries, operating as KAI in the Kingdom. The deal involves a $30 million investment, with KAI contributing $5 million initially and up to $25 million over the next two years, in exchange for a 40 percent stake in Doroni. This partnership is set to accelerate the development of the H1-X, with commercial-scale manufacturing planned in Saudi Arabia starting in 2027. Both companies plan to establish a joint venture to manufacture and distribute the flying car globally. For the startup, this represents a major step in realizing its vision, while for KAI, it offers the opportunity to create a world-class production hub in the Kingdom, supporting the nation's aviation ambitions. The NIDC also signed a deal with the Second Airport Cluster Co. to localize national industries in the aerospace sector by enabling and incentivizing investors by providing dedicated spaces within airports to establish specialized aircraft maintenance centers. The strategic partnership represents a significant advancement in airport operations by uniting government efforts and fostering the localization of aircraft component manufacturing in the Kingdom, aligning with the National Aviation Strategy and the National Industry Strategy, according to Cluster2. As part of the National Industrial Development and Logistics Program's efforts to localize the manufacturing of titanium sponge metal-melting process pipes, the center signed an MoU with AIC STEEL and AMIC to strengthen local capabilities in advanced materials production and support industrial supply chains. The NIDC also inked an agreement with Life Shield, a Saudi company with extensive experience in the defense, military, and security sectors. Moreover, another deal was made with Auto Gyro, a firm which specializes in the innovation, production, and distribution of gyroplanes. These pacts focus on localization and technology transfer for manufacturing air taxis and helicopters.
