Florida-based Doroni Aerospace has announced it has secured a USD30 million strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia. This investment will accelerate the company’s H1-X’s eVTOL development, bringing Doroni closer to its goal of launching the aircraft by the end of 2026, said Doroni in a press release.
“The definitive agreement includes plans for a joint venture to manufacture the H1-X in Saudi Arabia, starting in 2027, said Doroni. “The joint venture, co-owned and financed by KAI, will produce and distribute the aircraft globally, expanding Doroni’s market reach. Formalization of the agreement is expected in the coming months.
The USD30 million investment includes an initial USD5 million to be invested at the closing (expected in 30 days), with the remaining USD25 million tied to key development milestones over the next two years. Upon completion, KAI will hold a 40% stake in Doroni, subject to future capital raises.
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