PR98598

NEOM, Saudi Arabia, Nov. 2, 2022 , /PRNewswire=KYODO JBN/--

NEOM, the smart and sustainable regional development in northwest Saudi Arabia,

has announced a USD 175 million Series E investment in Volocopter, the pioneer

of Urban Air Mobility. The land of the future giga-project will take a

significant equity stake in the company as part of its strategic engagement

with the global eVTOL industry, positioning it as a leader in future mobility

solutions.

This deal will expand NEOM's strategic partnership with Volocopter to progress

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, Chief Executive Officer at NEOM, said: "This crucial investment

aligns with the ambitious plans announced by HRH 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, 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, 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 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's unique regional development provides a global living lab for advancing

and embedding electric urban air mobility in a multi-modal sustainable

transport system. Being built from the ground up, NEOM offers the ideal

environment for trialing cutting-edge electric mobility solutions on land, in

the air and at sea. In addition to NEOM, Volocopter has launched partnerships

and offers its services in global cities that include Paris, Singapore and

Rome, as well as in China.

In close collaboration with Saudi Arabia's General Authority of Civil Aviation

(GACA), NEOM and Volocopter are implementing a national test bed for Saudi

Arabia to enable the integration of eVTOLs with zero-emission future urban

mobility.

Electric air taxis are a key component of NEOM's mission to implement a truly

sustainable and seamlessly connected multi-modal mobility system powered by

100% renewable energy.

Overall, NEOM will invest in eVTOL fleets, operations and infrastructure to

localize industry innovation.

About NEOM

NEOM is an accelerator of human progress and a vision of what a New Future

might look like. It is a region in northwest Saudi Arabia on the Red Sea being

built from the ground up as a living laboratory – a place where

entrepreneurship will chart 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 for exceptional livability, creating thriving businesses and

reinventing environmental conservation.

NEOM will include hyperconnected, cognitive cities, ports and enterprise zones,

research centers, sports and entertainment venues and tourist destinations. As

a hub for innovation, entrepreneurs, business leaders and companies will come

to research, incubate and commercialize new technologies and enterprises in

groundbreaking ways. Residents of NEOM will embody an international ethos and

embrace a culture of exploration, risk-taking and diversity.

For further 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 at the Department of Justice, Washington,

DC.

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SOURCE: NEOM