Allen & Overy has advised NEOM, the smart and sustainable regional development project in northwest Saudi Arabia, in connection with a USD 175 million Series E investment in Volocopter. NEOM will take a significant equity stake in the company as part of its strategic engagement with the global eVTOL industry, positioning it as a leader in future mobility solutions.
In close collaboration with Saudi Arabia’s General Authority of Civil Aviation (GACA), NEOM and Volocopter are implementing a national test bed for Saudi Arabia to enable the integration of eVTOLs with zero-emission future urban mobility. Electric air taxis are a key component of NEOM’s mission to implement a truly sustainable and seamlessly connected multi-modal mobility system powered by 100% renewable energy.
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