U.S‑based Doroni Aerospace, a leading eVTOL developer of the H1‑X personal aircraft, has secured a USD30 million investment from Saudi-based Innovation Wings Industries (IWI), reports a press release. This latest funding will accelerate the H1‑X’s development, towards the goal of launching the craft by the end of 2026.
The IWI venture, co-owned and financed by Kingdom Aero Industries (KAI), includes plans to manufacture the H1‑X in Saudi Arabia, starting in 2027. Formalisation of the agreement is expected in the coming months.
Doron Merdinger, Founder and CEO of Doroni Aerospace, commented, “This investment accelerates the H1‑X development, while our joint venture will establish the production infrastructure necessary for global distribution.”
Doron Merdinger
Ismail Kashkash, CEO of KAI, added, “We believe Doroni is leading the future of personal eVTOL mobility and the H1‑X represents that future.” He continued, “We are proud to help drive Doroni’s vision forward and establish a world-class manufacturing hub in Saudi Arabia.”
The investment includes USD5 million upfront with the remaining USD25 million tied to key development milestones over the coming two years. Upon completion, KAI will hold a 40 percent stake in Doroni, subject to future capital raises.
Background
Innovation Wings Industries was established last year, inspired by the Saudi Arabian Vision 2030, a government program launched by the Kingdom to achieve, via breakthrough innovations, the goal of increased diversification both economically, socially and culturally. IWI aims to become a Saudi leader in the impending green aviation revolution.
For more information
(Top image: Credit — Doroni Aerospace)
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The post Doroni Aerospace “Secures USD30 Million Investment from Innovation Wings Industries” appeared first on eVTOL Insights.
The post Doroni Aerospace “Secures USD30 Million Investment from Innovation Wings Industries” appeared first on eVTOL Insights.
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