Pompano Beach, Florida--(Newsfile Corp. - April 17, 2025) - Doroni Aerospace, a Florida-based company specializing in personal electric vertical takeoff and landing (eVTOL) aircraft, has secured a $30 million strategic investment from Innovation Wings Industries (IWI). The investment will accelerate the development of Doroni's H1-X eVTOL, bringing the company closer to its goal of launching the aircraft by the end of 2026.
The Doroni H1-X eVTOL.
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The agreement includes plans for a joint venture between Doroni Aerospace and Innovation Wings Industries to manufacture the H1-X eVTOL aircraft in Saudi Arabia, with production expected to begin in 2027. Under the terms of the partnership, IWI will co-own and finance the venture, enabling global distribution of the aircraft. The joint venture agreement is expected to be finalized in the coming months, marking a significant step toward expanding Doroni's manufacturing capabilities beyond the United States.
Doron Merdinger introducing the H1-X eVTOL aircraft.
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Doron Merdinger, founder and CEO of Doroni Aerospace, emphasized the significance of the partnership, stating, "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." He also highlighted the addition of Ismail Kashkash, CEO of IWI, to Doroni's Board of Directors, describing his leadership in aviation innovation as a valuable asset to the company's long-term growth.
Ismail Kashkash, CEO of Innovation Wings Industries, shared his enthusiasm in the joint venture, "We believe Doroni is leading the future of personal eVTOL mobility, and the H1-X represents that future. This 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 investment reflects IWI's broader strategy to advance aerospace innovation and position Saudi Arabia as a key player in the global air mobility sector.
As part of the agreement, Innovation Wings Industries will provide an initial $5 million investment at closing, expected within the next 30 days. The remaining $25 million will be allocated in phases, contingent on key development milestones over the next two years. Upon full completion of the transaction, IWI will hold a 40% stake in Doroni Aerospace, subject to future capital raises.
Doroni Aerospace's H1-X eVTOL is designed to redefine personal air mobility with a safer, more efficient, and accessible transportation solution. With Federal Aviation Administration certification in progress, the $30 million investment from Innovation Wings Industries enhances Doroni's ability to scale production, expand into new markets, and advance large-scale manufacturing infrastructure. The partnership accelerates development while establishing a global supply chain, positioning Doroni as a key innovator in the growing eVTOL market. As demand for advanced air mobility rises, the collaboration sets the stage for commercial readiness, with both companies working toward finalizing their joint venture in the coming months.
Contact:
Abe Dats
Abe@doroni.io
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