Saudi Arabia has invested $30 million in the development of flying car manufacturing in collaboration with the American company Doroni Aerospace.
Florida-based eVTOL startup Doroni Aerospace has received $30 million in funding from Innovation Wings Industries (IWI), also known as Kingdom Aero Industries (KAI) in Saudi Arabia, to produce and export its H1-X flying car. The investment is intended to accelerate the production of the HX-1, a two-seater electric aircraft designed for personal use.
Doroni’s CEO, Doron Merdinger, stated that the agreement encompasses plans for a joint venture to commence manufacturing the HX-1 in Saudi Arabia beginning in 2027.
The HX-1, an electric vertical take-off and landing (eVTOL) aircraft tailored for personal use, 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. The $30 million investment consists of an initial $5 million to be provided at closing, with the remaining $25 million contingent on key development over the next two years. Once completed, KAI will hold a 40% stake in Doroni, pending future capital raises.
”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,” said Merdinger.
As part of its Vision 2030 projects, Saudi Arabia is investing in advanced transportation technology with the goal of diversifying its economy beyond dependence on oil revenues.
The venture, co-owned and funded by KAI, will manufacture and distribute the aircraft worldwide, broadening Doroni’s market presence. The agreement is expected to be formalized in the coming months.
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