Doroni secures $30m to build eVTOLs in Saudi Arabia

American eVTOL developer Doroni Aerospace has secured a $30 million strategic investment to accelerate development of its H1-X ‘flying car’.

Designed for personal use, the HX-1 is a two-seater aircraft that can be parked in a two-car garage, charged at home, and can take off vertically from a driveway.

The investment comes from Innovation Wings Industries (IWI) which operates as Kingdom Aero Industries (KAI), aiming to bring Doroni closer to its 2026 launch target.

Doroni CEO Doron Merdinger said on LinkedIn today: “This investment accelerates everything—scaling development, certification, production, and hiring the best aerospace minds in the world to bring the H1-X to market by the end of 2026.

“We couldn’t be more excited for what’s ahead.”

Expected to be formalised in the coming months, the deal includes plans for a joint venture to manufacture the H1-X in Saudi Arabia from 2027 – expanding Doroni’s global footprint.

KAI’s investment will be made in stages – an initial $5 million is due upon the closing of the deal which is expected within 30 days. The remaining $25 million will be tied to key development milestones over the next two years.

Upon completion, KAI will hold a 40 percent stake in Doroni subject to future capital raises, and CEO Ismail Kashkash has also joined Doroni’s Board of Directors as part of the deal.

“We believe Doroni is leading the future of personal eVTOL mobility, and the H1-X represents that future,” Mr Kashkash commented.

“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 eVTOL company is currently pursuing FAA certification for the two-seater H1-X, which it says will offer a safer and more efficient solution for personal air mobility. With a top speed of 120 miles per hour, the H1-X can travel 100 miles, carrying a payload of 500 lbs.

Saudi Arabia has been an active region for advanced air mobility. In the last year, Saudi airport management firm Cluster2 announced a partnership with Italian vertiport operator UrbanV to develop a series of networks across the Kingdom.

Saudi airline Saudi Group also made Lilium’s largest order of up to 100 eVTOLs last July, before the German aerospace company entered months of financial difficulties, filing for insolvency again today