Last Thursday (10/27), Ocellott has signed a Memorandum of Understanding with the Saudi Arabian Ministry of Investment (MISA) for a vital new investment in propulsion batteries.
An investment of this magnitude, in propulsion batteries for electric aircraft vehicles, often referred to as eVTOLs (Electric vertical take-off and landing), will make it possible to accelerate the development of the product and expedite delivery to the aeronautical global market.
Joining forces with Ocellott on this collaborative initiative is an important part of Saudi Arabia’s investment focus on aviation and electrification, as well as the development of a higher standard supply chain for the country.
“The signing of this agreement is an important step in the relationship between Ocellott and Saudi Arabia, offering robust technological collaboration and cutting-edge aerospace technology that aligns with Invest Saudi’s vision to develop a world-class supply chain in the Kingdom of Saudi Arabia,” says Henrique Lemos, CEO Ocellott.
About MISA
The ongoing transformation of Saudi Arabia under the Vision 2030 economic development and diversification plan is unlocking new investment opportunities at an unprecedented pace. The Ministry of Investment of Saudi Arabia (MISA) is facilitating access to these opportunities by developing a vibrant cross-government investment ecosystem, facilitated by Saudi Arabia’s National Investment Strategy.
Through a network of representative offices across the world, MISA partners with businesses of all scales and sizes—from startups to blue-chip multinationals—to help make investing in Saudi Arabia as simple as possible. MISA also plays a leading role in improving Saudi Arabia’s overall business environment by facilitating investment data across regions and sectors, creating investment incentives, spearheading business reforms and opening up investment opportunities.
