Doroni Aerospace “Secures USD30 Million Investment from Innovation Wings Industries”

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

www.doroni.io

https://www.innovwings.com

(Top image: Cred­it — Doroni Aero­space)

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