NEOM invests $175m in Volocopter for electric urban air mobility

As part of its long-term strategic partnership with the international electric vertical takeoff and landing (eVTOL) sector, the "land of the future" giga-project will invest heavily in the company's equity to establish its position as a frontrunner in future transportation solutions. In keeping with its innovative approach to the transportation sector, NEOM will expand its strategic cooperation with Volocopter through this agreement. It expands upon the NEOM-Volocopter partnership established in December 2021, which plans to use electric air taxi services in NEOM to link different areas like THE LINE, OXAGON, and TROJENA.

Nadhmi Al-Nasr, Chief Executive Officer at NEOM, said, “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.”

Dirk Hoke, CEO at Volocopter, stated, "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.”

NEOM and Volocopter are working closely with the General Authority of Civil Aviation (GACA) in Saudi Arabia to establish a national test bed for the country that will facilitate the integration of eVTOLs with zero-emission future urban mobility. NEOM's goal is to construct a 100% renewable energy, multi-modal mobility system, and electric air taxis are an integral part of this vision. To localise industry innovation, NEOM will invest in eVTOL fleets, operations, and infrastructure.