Latest news with #HX-1
Express Tribune
03-03-2025
- Automotive
- Express Tribune
Saudi Arabia invests $30m in flying car manufacturing
Saudi Arabia has committed $30 million to the development of flying cars, partnering with American company Doroni Aerospace. The investment, announced in a press release, is set to accelerate the production of the HX-1, a two-seater electric aircraft designed for personal use. Doroni Aerospace, based in Pompano Beach, Florida, secured the strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia. According to Doroni's CEO, Doron Merdinger, the agreement includes plans for a joint venture to begin manufacturing the HX-1 in Saudi Arabia starting in 2027. The HX-1 is an electric vertical take-off and landing (eVTOL) aircraft, which can be charged at home, parked in a two-car garage, and take off from a driveway. This partnership will accelerate the development of the eVTOL technology, with the goal of launching the aircraft by 2026. The $30 million investment will be made in two phases: an initial $5 million at closing, with the remaining $25 million tied to key milestones in the next two years. Upon completion, KAI will hold a 40% stake in Doroni. 'This partnership aligns with our mission to bring transformative air mobility solutions to the world,' said Merdinger. 'We are proud to help drive Doroni's vision forward and establish a world-class manufacturing hub in Saudi Arabia.' This move is part of Saudi Arabia's broader Vision 2030 initiative, which seeks to diversify the country's economy beyond oil and invest in advanced technologies like flying cars.
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.
