PRESS RELEASE: NEOM invests $175 million in Volocopter to accelerate electric urban air mobility

NEOM, Saudi Arabia, Nov.

PRESS RELEASE: NEOM invests $175 million in Volocopter to accelerate electric urban air mobility

NEOM, Saudi Arabia, Nov. 2, 2022 /PRNewswire/ -- NEOM, the smart and sustainable regional development of northwestern Saudi Arabia, has announced a $175 million Series E investment in Volocopter, the pioneer of air mobility urban. The land of the future giga-project will take a significant stake in the company as part of its strategic commitment to the global eVTOL industry, positioning it as a leader in future mobility solutions.

This agreement will expand NEOM's strategic partnership with Volocopter to advance an advanced air mobility industry in Saudi Arabia, in line with NEOM's cutting-edge strategy for its mobility sector. It builds on the NEOM-Volocopter joint venture launched in December 2021, which will operate electric air taxi services in NEOM to connect various regions including THE LINE, OXAGON and TROJENA.

Nadhmi Al-Nasr, CEO of NEOM, said: "This crucial investment is in line with the ambitious plans announced by HRH Crown Prince Mohammed bin Salman, Chairman of the Board of Directors of NEOM, for the Kingdom to achieve sustainability and make NEOM is an accelerator of human progress.It will help bring humanity closer to a new era of mobility, an era defined by zero-emission vertical take-off and landing vehicles with electric propulsion.Together with the UK General Authority of Civil Aviation , NEOM and Volocopter will make concepts like air taxis an everyday reality for their residents and visitors.Partnerships as powerful as the one NEOM is cultivating with pioneering companies like Volocopter will drive great progress, not only to the benefit of NEOM and the Kingdom, but of all".

Dirk Hoke, CEO of Volocopter, added: "This is the first time in history that eVTOLs, with their unique features, have been incorporated into the design of a region that is being built from the ground up. This offers a totally new approach to how urban air mobility can increase the quality of life in cities.NEOM's investment attests to our leading position as technology pioneers in the race to be the first company to break into the emerging urban air mobility market."

NEOM's unique regional development provides a global living laboratory to advance and integrate electric urban air mobility into a multimodal sustainable transportation system. Being built from the ground up, NEOM offers the ideal environment to test cutting-edge electric mobility solutions on land, in the air and at sea. In addition to NEOM, Volocopter has established partnerships and offers its services in cities around the world such as Paris, Singapore and Rome, as well as in China.

In close collaboration with the Saudi General Authority for Civil Aviation (GACA), NEOM and Volocopter are launching a national test bed for Saudi Arabia to enable eVTOL integration with future zero-emission urban mobility.

Electric air taxis are a key component of NEOM's mission to implement a truly sustainable and seamlessly connected multimodal mobility system powered by 100% renewable energy.

Overall, NEOM will invest in eVTOL fleets, operations and infrastructure to localize industry innovation.

About NOS

NEOM is an accelerator of human progress and a vision of what a New Future could look like. It is a region located in the northwest of Saudi Arabia, on the shores of the Red Sea, which is being built from scratch as a living laboratory, a place where entrepreneurship will set the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model of exceptional habitability, creating prosperous businesses and reinventing environmental conservation.

NEOM will include hyperconnected cognitive cities, ports and business areas, research centers, sports and entertainment venues, and tourist destinations. As a center of innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and companies in innovative ways. NEOM residents will embody an international spirit and embrace a culture of exploration, risk taking, and diversity.

For more information email media@neom.com or visit www.neom.com and www.neom.com/en-us/newsroom.

This material is distributed by Teneo Strategy LLC on behalf of NEOM Company. Additional information is available from the Department of Justice, Washington, DC.

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