Saudi Arabia’s $500 billion smart city, NEOM has announced a $175 million Series E investment in German aircraft manufacturer Volocopter, the pioneer of Urban Air Mobility (UAM).
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.
According to the statement, “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.”
Nadhmi Al Nasr CEO – NEOM
“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.”
Mr. Dirk Hoke, CEO at Volocopter, said that, “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 the 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,” Mr. Hoke added.
In close collaboration with Saudi Arabia’s General Authority of Civil Aviation (GACA), NEOM and Volocopter are implementing a national test bed for Saudi Arabia to enable the integration of eVTOLs with zero-emission future urban mobility, as per the statement.
