Press Releases
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Feb 20, 2025
Doroni Secures $30 Million Investment
Doroni Aerospace Secures $30 Million Strategic Investment from Innovation Wings Industries to Drive H1-X eVTOL Development
Pompano Beach, FL – February 20, 2025 -- Doroni Aerospace, Inc. (“Doroni”), the American leader in the personal electric Vertical Takeoff and Landing (eVTOL) arena and developer of the H1-X eVTOL aircraft, has secured a $30 million strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI). This pivotal investment will accelerate the H1-X’s development, bringing Doroni closer to its goal of launching the aircraft by the end of 2026.
The definitive agreement includes plans for a joint venture to manufacture the H1-X in Saudi Arabia, starting in 2027. 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.
Doron Merdinger, Founder & CEO of Doroni Aerospace, remarked, “We are excited to welcome Kingdom Aero Industries as a strategic investor and manufacturing partner. This investment fuels and accelerates the H1-X development, while our joint venture will establish the production infrastructure necessary for global distribution. We are honored to have Ismail Kashkash, CEO of KAI, join Doroni’s Board of Directors. His leadership in aviation innovation will be instrumental to our success.”
Ismail Kashkash, CEO of KAI, stated, “We believe Doroni is leading the future of personal eVTOL mobility, and the H1-X represents that future. This partnership aligns with our mission to bring transformative air mobility solutions to the world. We are proud to help drive Doroni’s vision forward and establish a world-class manufacturing hub in Saudi Arabia.”
The $30 million investment includes an initial $5 million to be invested at the closing (expected in 30 days), with the remaining $25 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.
Doroni’s H1-X eVTOL aims to redefine personal air mobility with a safer, more efficient, and accessible travel solution. With FAA certification in progress, the investment strengthens Doroni’s ability to scale production and deliver globally.
About Doroni Aerospace
Founded in 2017, Doroni Aerospace is a trailblazing Florida-based eVTOL manufacturer driving the future of personal air mobility. With innovation at its core, Doroni is redefining urban travel through its flagship aircraft, the Doroni H1-X-a cutting-edge eVTOL vehicle designed for everyday convenience. Backed by a legacy of successful prototype flights, the company is advancing rapidly to accelerate the H1-X's development, bringing Doroni closer to its goal of launching the aircraft by the end of 2026. Visit www.doroni.io.
About Innovation Wings Industries (KAI)
Inspired and driven by the Saudi Vision 2030 phenomenal growth in a decade long of transformation and breakthrough innovations across all sectors in Saudi Arabia. Innovation Wings Industries was established in 2024 to create a new success story in advanced air mobility sector, Innovation Wings founded to be a Saudi leader in the aviation industry, focusing on advanced air mobility manufacturing localization, research and development, aircraft regional sales, and after sales services. The company aspires to deliver cutting-edge solutions that drive the aerospace industry forward, meeting the highest standards of quality, safety, and innovation.
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