The newly-formed NEOM Investment Fund (NIF) announced this week, it was the largest investor in Regent’s Seaglider recent Series A Round, reports a press release. The sum is not disclosed, although Regent raised USD60 million from more than 10 different investor companies. NIF has morphed out of the previous UAE’s Strategic Development Fund.
The amount positions NEOM, the company behind Saudi Arabia’s breathtaking and futuristic planned USD500+ billion new region, as the largest contributor to Regent’s A Round, enabling the U.S company to take its technology to the next stage.
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 harbours, and fly within one wingspan of the surface over open water at speeds of up to 180mph. Regent’s flagship seaglider, the 12-passenger Viceroy, “will offer a one-of-a-kind customer experience and comfort.”
Majid Mufti, CEO of NIF, commented, “This investment 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.”
Terry Wong, NEOM’s Executive Director of Land Mobility, added, “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 kilometres of coastline.”
The release states, “The collaboration 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. The company will also conduct on-site testing to be ready for operational roll-out by the mid-part of the decade.”
Majid Mufti
Billy Thalheimer, co-Founder and CEO of Regent, commented, “The partnership is focused on collaboratively solving operational details. NEOM’s goal to build a carbon-free community through revolutionary design is strongly aligned with our mission to build sustainable connections using seagliders.”
October has been a successful month for Regent. News includes a contract with Surf Air to establish a seaglider service in Miami, providing passenger transport service for South Florida, including routes from Miami, Fort Lauderdale, Palm Beach and the Caribbean Islands. This deal is the continuation of a longstanding relationship between Regent and Surf Air subsidiary Southern Airways. The seagliders may be in service as soon as 2027.
Regent also signed a USD4.75 million agreement with the U.S Marine Corps to demonstrate seaglider technology in the Littorals (a transitional area between uplands and open water).
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