Sustainability

Neom Invests in Futuristic Seagliders and Self Driving Cars

NIF Makes its First two Investments in US-based Electric Seaglider Regent and Autonomous Driving Pony.ai

By Inc.Arabia Staff
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US green mobility sector is the first target for Neom’s newly launched investment fund

KSA’s Neom is investing in US-based electric seaglider manufacturer Regent and US-based autonomous driving company Pony.ai to establish operations for both green vehicles in the smart city, according to Neom's company statements . The investment is being made through the recetly established Neom Investment Fund (NIF).

The investment made by Neom is part of a multi-year partnership with Regent to establish electric seaglider passenger operations in the region, the statement notes. Regent will also establish a Middle East research, development, and training hub to support expansion in seaglider operations and infrastructure and conduct on-site testing to be ready for operational roll-out by 2025.

The electric seaglider will be able to service routes up to 180 miles (290 kms) with existing battery technology, and routes up to 500 miles (805 kms) with next-gen batteries, all via existing dock infrastructure, according to their website. Neom’s undisclosed investment in Regent is the largest single contribution in the US company’s latest Series A funding round.

Neom is investing USD 100 mn in Pony.ai in parallel with setting up a JV to develop, manufacture, and deliver autonomous driving services, advanced vehicles, and smart vehicle infrastructure in Neom and other key markets in the MENA region. The JV will also establish a local autonomous vehicle manufacturing and R&D facility, according to the statement. Pony.ai has developed a wide range of vehicles, from all-electric passenger Robotaxis to long-distance freight trucks, according to its website.

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