The Florida-based eVTOL (electric vertical takeoff and landing) startup Doroni has started the year with excellent news and big plans for the future. Its latest partnership will not only translate to a huge financial boost but also open the gates to global, large-scale production.
In the emerging and still shaky eVTOL industry, securing the right partnerships is a key piece for success. Doroni, the American developer of the H1-X flying car, is one of the lucky ones with a bright future ahead. Its exciting plans for the future include officially launching the H1-X by next year and kicking off commercial-scale manufacturing in 2027 in Saudi Arabia. This strategic vision is supported by Doroni's latest partnership with Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI).
KAI will pump up to $30 million into the Florida-based startup – not in one go, of course. The initial $5 million investment will be followed by $25 million over the next two years, and, according to Doroni, each new installment will be linked to specific milestones. At the end of this period, KAI will hold a 40% stake in the US-based company. As with most similar investments in eVTOL companies, the money will help Doroni speed up the development of its flying car, but there's more: Doroni and KAI plan to set up a joint venture (financed and co-owned by KAI).
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