Pompano Beach, Florida--(Newsfile Corp. - February 20, 2025) - Doroni Aerospace, Inc. ("Doroni"), a Florida-based company and a leader in personal electric vertical takeoff and landing (eVTOL) arena and developer of the H1-X eVTOL aircraft, has secured a $30 million strategic investment with 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.
Photo credit: Doroni Aerospace with permission.
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The definitive agreement includes plans for a joint venture with IWI to manufacture the H1-X eVTOL aircraft in Saudi Arabia, expected to commence in 2027. The joint venture, co-owned and financed by IWI, will produce and distribute the aircraft globally, expanding Doroni's market reach. The joint venture agreement is expected to be formalized in the coming months.
Doron Merdinger, Founder & CEO of Doroni, remarked, "We are excited to welcome Innovation Wings 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 IWI, join Doroni's Board of Directors. His leadership in aviation innovation will be instrumental to our success."
Ismail Kashkash, CEO of IWI & 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."
IWI's $30 million investment in Doroni includes an initial $5 million to be invested at closing expected within 30 days, with the remaining $25 million tied to key development milestones over the next two years. Upon full completion of the transaction, IWI 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 Federal Aviation Administration 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 (IWI)
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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