Source Credit: Gulf News
Riyadh: Florida-based eVTOL startup Doroni Aerospace has secured $30 million from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia, to manufacture and export its H1-X flying car.
The HX-1, a two-seater personal aircraft, is designed for home charging, garage storage, and vertical takeoff from driveways.
The agreement includes a joint venture to manufacture the H1-X in Saudi Arabia from 2027, with KAI co-owning and financing production for global distribution. A formal deal is expected soon.
The investment comprises an initial $5 million upon closing, with the remaining $25 million linked to key milestones over two years. KAI will acquire a 40% stake in Doroni, subject to future funding rounds.
Doroni Aerospace CEO Doron Merdinger said the partnership accelerates H1-X development and global distribution. KAI CEO Ismail Kashkash emphasized Saudi Arabia’s role in advancing air mobility solutions.
Doroni, founded in 2017, launched a pre-order for the H1-X at $1,000 last year, with a projected final price of $350,000. The company continues working toward FAA certification.
