NEOM invests $175 mln in Volocopter to accelerate electric urban air mobility

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NEOM announced today, Nov. 2, investing $175 million (SAR 656 million) in Volocopter, the pioneer of Urban Air Mobility, as part of its efforts to buy a significant equity stake in the company as part of its strategic engagement with the global eVTOL industry.
 

This deal will expand NEOM’s strategic partnership with Volocopter. 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.
 

NEOM and Volocopter, in collaboration with the General Authority of Civil Aviation (GACA), are implementing a national test bed for Saudi Arabia to enable the integration of eVTOLs with zero-emission future urban mobility, the state-run SPA reported.
 

Electric air taxis are a key component of NEOM’s mission to implement a truly sustainable and seamlessly connected multi-modal mobility system powered by 100% renewable energy.
 

NEOM will invest in eVTOL fleets, operations and infrastructure to localize industry innovation.