NEOM, the intelligent and eco-friendly regional advancement in northwest Saudi Arabia, revealed today that it has finalized an investment through the NEOM Investment Fund (NIF) in REGENT, an American electric seaglider producer. This investment establishes NEOM as the primary backer in REGENT’s Series A financing round, facilitating the advancement of the company’s technology. NEOM’s investment forms a segment of a prolonged partnership with REGENT to introduce groundbreaking seaglider passenger services in the area.
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.
REGENT 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.