NEOM Invests in REGENT Series A to Expedite Electric Seaglider Development

NEOM, the smart and sustainable regional development in northwest Saudi Arabia, announced today it, through the NEOM Investment Fund (NIF), 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. NEOM’s investment is part of a multi-year partnership with REGENT to establish innovative seaglider passenger operations in the region.

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.”

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.”

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.

About NEOM

NEOM is an accelerator of human progress and a vision of what a New Future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation.

NEOM will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.

About NEOM Investment Fund (NIF)

NEOM Investment Fund (NIF) is the strategic investment arm of NEOM, designed to activate, advance, and accelerate the global transformational changes critical to a sustainable future. NIF will support the buildout and development of NEOM and deliver mutual, long-term value across sector projects with large multinationals, innovators, and the wider institutional investment community.  Its core activities include executing transactions alongside NEOM’s sectors and subsidiary companies, focused on direct investments in pioneering growth companies and next-generation industries, and on fundraising at the project level that would ultimately lead to strategic management of NEOM’s diverse portfolio of commercial assets.  As a catalyst for change, NIF actively seeks out and advocates for setting up large anchor businesses in NEOM, along with moonshot tech investments that are required to deliver sustainable long-term prosperity at a time when the world faces challenges of unprecedented scale and complexity.

About REGENT

REGENT is leading the way in sustainable maritime transportation. Using cutting-edge technology and innovative design, REGENT has created a new category of vehicle that is fast, efficient, and emission-free. REGENT’s seagliders combine the speed of an airplane with the maneuverability of a boat and travel exclusively over water using existing dock infrastructure. Seagliders can be seamlessly integrated into any fleet and REGENT has already obtained $8 billion in orders from major airlines and leading ferry operators on six continents. For more information, please visit regentcraft.com.