NEOM, the regional development hub in northwest Saudi Arabia, announced today that through the NEOM Investment Fund (NIF), it 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,” said the organisation in a press release. “NEOM’s investment is part of a multi-year partnership with REGENT to establish innovative seaglider passenger operations in the region.
“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.”
Majid Mufti, CEO of NIF said: “We’re pleased to make this investment in Regent, which underscores NEOM’s commitment to creating a test bed for future technology that accelerates human progress. We have worked closely with NEOM’s mobility sector to identify exciting opportunities, such as this, which can further NEOM’s goals in line with Saudi Arabia’s Vision 2030. These innovative, electric seagliders 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 aim to build the world’s first truly sustainable, shared, safe, and seamless multi-modal transport system. They will provide a fresh approach to coastal transportation in NEOM, both passenger and freight, connecting key destinations along 468 kilometers of coastline, and reflect our belief in zero-carbon technologies, and the growth of new industries and skills within the Kingdom.”
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.”
For more information
https://www.neom.com/en-us/newsroom/neom-invests-in-regent-series
