- NEOM Investment Fund (NIF) makes the single largest investment in the round as part of a multi-year partnership to shape the future of water mobility in the region
- REGENT will establish a regional R&D and training hub and will support NEOM’s efforts to lead and localize electric seaglider technology
- The collaboration highlights another milestone in NEOM’s ambitious efforts to build the first truly sustainable, shared, and seamlessly integrated mobility system in the world
NEOM, the smart and sustainable regional development in northwest Saudi Arabia, announced today it, through the NEOM Investment Fund (NIF), has closed an investment into REGENT, the US-based electric seaglider manufacturer. The investment positions NEOM as the largest single contributor in REGENT’s Series A round, enabling the company to take its technology to the next stage. NEOM’s investment is part of a multi-year partnership with REGENT to establish innovative seaglider passenger operations in the region.
Majid Mufti, CEO of NIF said: "We’re pleased to make this investment in Regent. We have worked closely with NEOM’s mobility sector to identify exciting opportunities, such as this, which can further NEOM’s goals. These innovative, electric seagliders provide a fresh approach to coastal transport in NEOM, both passenger and freight, and will contribute to our progress towards zero carbon operations.”
Terry Wong, Executive Director Land Mobility, NEOM said: “Seagliders are an innovative component of NEOM Mobility’s safe, sustainable and seamless multi-modal transport system, connecting key destinations along 468 kilometers of coastline and islands. This investment is also in line with Saudi Vision 2030, supporting zero-carbon technologies while incubating new innovations, and enhancing our ambitious localization and training efforts to create a strong future for the Kingdom.”
The partnership includes a commitment by REGENT to establish a Middle East R&D and Training Hub to support seaglider enablement as well as infrastructure and operational readiness. From 2024 onwards, young Saudi engineering and tech graduates working for NEOM will have the opportunity for work placements at REGENT and learn more about its innovative technology. REGENT will also conduct on-site testing to be ready for operational roll-out by the mid part of the decade.
Billy Thalheimer, Co-Founder and Chief Executive Officer of REGENT said: “REGENT and NEOM are focused on collaboratively solving operational details through this strategic investment and partnership. NEOM’s goal to build a carbon-free community through revolutionary design is strongly aligned with our mission to build sustainable connections using seagliders.”
This investment underscores NEOM’s ambitious plans to create a testbed for future technology and accelerate human progress, while building the first truly sustainable, shared and seamlessly integrated mobility system in the world.
Seagliders combine the speed of an aircraft with the convenience of a boat. They float on a hull at the dock, travel on wave tolerant hydrofoils in harbors, and fly within one wingspan of the surface over open water at speeds up to 180mph (289 kph) REGENT’s flagship seaglider, the 12-passenger Viceroy, will offer a one-of-a-kind customer experience and comfort.
About NEOM Investment Fund (NIF)
NEOM Investment Fund (NIF) is the strategic investment arm of NEOM, designed to activate, advance, and accelerate the global transformational changes critical to a sustainable future. NIF will support the buildout and development of NEOM and deliver mutual, long-term value across sector projects with large multinationals, innovators, and the wider institutional investment community. Its core activities include executing transactions alongside NEOM’s sectors and subsidiary companies, focused on direct investments in pioneering growth companies and next-generation industries, and on fundraising at the project level that would ultimately lead to strategic management of NEOM’s diverse portfolio of commercial assets. As a catalyst for change, NIF actively seeks out and advocates for setting up large anchor businesses in NEOM, along with moonshot tech investments that are required to deliver sustainable long-term prosperity at a time when the world faces challenges of unprecedented scale and complexity.
For further information email media@neom.com or visit www.neom.com and www.neom.com/en-us/newsroom.
About REGENT
REGENT is leading the way in sustainable maritime transportation. Using cutting-edge technology and innovative design, REGENT has created a new category of vehicle that is fast, efficient, and emission-free. REGENT’s seagliders combine the speed of an airplane with the maneuverability of a boat and travel exclusively over water using existing dock infrastructure. Seagliders can be seamlessly integrated into any fleet and REGENT has already obtained $8 billion in orders from major airlines and leading ferry operators on six continents. For more information, please visit www.regentcraft.com.
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Lauren Rugani REGENT press@regentcraft.com
