NEOM invests $175 million in Volocopter to accelerate electric urban air mobility – Saudi Gazette

NEOM invests $175 million in Volocopter to accelerate electric urban air mobility – Saudi Gazette

TABUK — NEOM has announced a $175 million Series E investment in Volocopter, the pioneer of urban air mobility. The land of the future giga-project will take a significant equity stake in the company as part of its strategic engagement with the global eVTOL industry, positioning it as a leader in future mobility solutions.

This deal will expand NEOM’s strategic partnership with Volocopter to progress an advanced air mobility industry in Saudi Arabia, in line with NEOM’s cutting-edge strategy for its mobility sector.

It builds on the NEOM-Volocopter joint venture launched in December 2021, which will operate electric air taxi services in NEOM to connect various regions including THE LINE, OXAGON and TROJENA.

NEON Chief Executive Officer Nadhmi Al-Nasr said: “This crucial investment aligns with the ambitious plans announced by Crown Prince Mohammed Bin Salman, 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 takeoff 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