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NEOM, Saudi Arabia, Nov. 2, 2022 /PRNewswire/ — NEOM, the good and sustainable regional improvement in northwest Saudi Arabia, has introduced a USD 175 million Series E funding in Volocopter, the pioneer of Urban Air Mobility. The land of the longer term giga-project will take a major fairness stake in the corporate as a part of its strategic engagement with the worldwide eVTOL business, positioning it as a pacesetter in future mobility options.
This deal will increase NEOM’s strategic partnership with Volocopter to progress a sophisticated air mobility business in Saudi Arabia, in line with NEOM’s cutting-edge technique for its mobility sector. It builds on the NEOM-Volocopter three way partnership launched in December 2021, which can function electric air taxi companies in NEOM to join numerous areas together with THE LINE, OXAGON and TROJENA.
Nadhmi Al-Nasr, Chief Executive Officer at NEOM, mentioned: “This crucial investment aligns with the ambitious plans announced by HRH the Crown Prince Mohammed bin Salman, the Chairman of NEOM’s Board of Directors, for the Kingdom to achieve sustainability and to develop NEOM into an accelerator of human progress. It will contribute to taking humanity closer to a new era of mobility – an era defined by zero-emission, electrically-powered vertical take-off and landing vehicles. Together with the Kingdom’s General Authority of Civil Aviation, NEOM and Volocopter will make concepts like air taxis an everyday reality for its residents and visitors. Powerful partnerships such as the one that NEOM is cultivating with pioneering companies like Volocopter will fuel giant leaps forward – not just for the benefit of NEOM and the Kingdom – but for all.”
Dirk Hoke, CEO at Volocopter, added: “This is the first time in history that eVTOLs, with their unique characteristics, are being factored into the design of a region that is being built from scratch. This offers a whole new approach to how urban air mobility can increase quality of life in cities. NEOM’s investment bears testament to our leading position as a technology pioneer in the race to become the first company to break into the emerging urban air mobility market.”
NEOM’s distinctive regional improvement offers a worldwide dwelling lab for advancing and embedding electric urban air mobility in a multi-modal sustainable transport system. Being constructed from the bottom up, NEOM affords the perfect surroundings for trialing cutting-edge electric mobility options on land, in the air and at sea. In addition to NEOM, Volocopter has launched partnerships and affords its companies in international cities that embrace Paris, Singapore and Rome, in addition to in China.
In shut collaboration with Saudi Arabia’s General Authority of Civil Aviation (GACA), NEOM and Volocopter are implementing a nationwide check mattress for Saudi Arabia to allow the mixing of eVTOLs with zero-emission future urban mobility.
Electric air taxis are a key element of NEOM’s mission to implement a very sustainable and seamlessly related multi-modal mobility system powered by 100% renewable power.
Overall, NEOM will make investments in eVTOL fleets, operations and infrastructure to localize business innovation.
About NEOM
NEOM is an accelerator of human progress and a imaginative and prescient of what a New Future may appear to be. It is a area in northwest Saudi Arabia on the Red Sea being constructed from the bottom up as a dwelling laboratory – a spot the place entrepreneurship will chart the course for this New Future. It can be a vacation spot and a house for individuals who dream large and need to be a part of constructing a brand new mannequin for distinctive livability, creating thriving companies and reinventing environmental conservation.
NEOM will embrace hyperconnected, cognitive cities, ports and enterprise zones, analysis facilities, sports activities and leisure venues and vacationer locations. As a hub for innovation, entrepreneurs, business leaders and firms will come to analysis, incubate and commercialize new applied sciences and enterprises in groundbreaking methods. Residents of NEOM will embody a world ethos and embrace a tradition of exploration, risk-taking and variety.
For additional info e mail [email protected] or go to www.neom.com and www.neom.com/en-us/newsroom.
This materials is distributed by Teneo Strategy LLC on behalf of NEOM Company. Additional info is on the market on the Department of Justice, Washington, DC.
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