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NEOM invests $175m in urban air mobility provider Volocopter

Electric air taxis are a key component of NEOM’s strategy to implement a sustainable and seamlessly connected multi-modal mobility system totally powered by renewable energy

by Neesha Salian

November 4, 2022

NEOM has announced a $175m Series E investment in Volocopter, a leader in urban air mobility.

The investment builds on the NEOM-Volocopter joint venture (JV) launched in December 2021. The JV will operate electric air taxi services in NEOM to connect various regions including The Line, Oxagon and Trojena.

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

Nadhmi Al-Nasr, CEO at NEOM, said: “This crucial investment aligns with the ambitious plans announced by 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 (GACA), 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, added: “This is the first time in history that eVTOLs (electric vertical take-off and landing craft), 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, in close collaboration with GACA, are implementing a national test bed for Saudi Arabia to enable the integration of eVTOLs with zero-emission future urban mobility.