Fintech PR

Boom Supersonic Announces New Aircraft, Engine, and Investment Milestones

Published

1 year ago

November 9, 2023

New strategic investment from NEOM comes as XB-1, Symphony^™ and Overture achieve important program milestones

DENVER, Nov. 9, 2023 /PRNewswire/ — Boom Supersonic, the company building the world’s fastest airliner, announced today multiple milestones across the Overture airliner, Symphony engine, and XB-1 supersonic demonstrator programs. The company also confirmed closing of an investment round, including a strategic investment from the NEOM Investment Fund (NIF). Boom’s total funding to date now exceeds $700 million.

“Our goal is to bring the world closer together through faster flights,” said Blake Scholl, founder and CEO of Boom Supersonic. “We’re excited to collaborate with partners and investors around the globe as we work to realize our shared vision.”

Announced on October 24, the NEOM Investment Fund is the strategic investment arm of NEOM, the sustainable regional development in northwest Saudi Arabia. As part of the agreement, Boom and NIF will collaborate on opportunities to make the Gulf region dramatically more accessible, through the power of supersonic flight. The NIF investment now takes Boom’s total funding from investment and other capital sources to more than $700 million.

XB-1 readying for first flight this year
Boom achieved key milestones toward XB-1’s historic first flight, which remains on track for later this year at the Mojave Air & Space Port. After the receipt of its airworthiness certificate from the Federal Aviation Administration (FAA), XB-1 has recently completed successfully a number of integrated tests, including ground vibration mode testing, fuel system integrated testing, engine operability testing, and medium-speed taxi testing up to 90 knots. Following its Flight Readiness Review (FRR) last week, XB-1 will conduct high-speed taxi testing in final preparation for its first flight.

Symphony propulsion system hits development milestone
Boom also announced that Symphony, the Boom-developed propulsion system purpose-built for sustainable and economical supersonic flight, has successfully conducted its key 2023 engineering milestone, known as the Conceptual Design Review (CoDR). This important achievement paves the way toward Symphony’s first hardware rig tests planned for 2024.

Overture Superfactory construction ahead of schedule
In late September, Boom commemorated the “topping out” of the Overture Superfactory at the Piedmont Triad Airport in Greensboro, North Carolina, signifying the completion of the building’s frame. Over the past six weeks, the company has finished the decking on the top of the structure, poured the concrete flooring, and installed the metal side wall panels. The work to complete the Overture Superfactory is now ahead of its original schedule with completion anticipated in the second quarter of 2024.

For more information about Overture, please visit: https://boomsupersonic.com/overture

For more information about XB-1, please visit: https://boomsupersonic.com/xb-1

About Boom Supersonic
Boom Supersonic is transforming air travel with Overture, the world’s fastest airliner, optimized for speed, safety, and sustainability. Overture will fly at twice the speed of today’s airliners and is optimized to run on 100% sustainable aviation fuel (SAF). Overture’s order book stands at 130 aircraft, including orders and pre-orders from American Airlines, United Airlines, and Japan Airlines. Boom is working with Northrop Grumman for government and defense applications of Overture. Suppliers and partners collaborating with Boom on the Overture program include Aernnova, Leonardo, Aciturri, Safran Landing Systems, Eaton, Collins Aerospace, and the United States Air Force.

Symphony™ is the propulsion system that will power Overture, a Boom-developed engine with world-class suppliers including Florida Turbine Technologies (FTT), a business unit of Kratos Defense & Security Solutions, Inc., GE Additive, and StandardAero. For more information, visit https://boomsupersonic.com

Photos and video available at https://boomsupersonic.com/newsroom/media-assets

Connect with Boom Supersonic on Twitter, LinkedIn, Facebook, Instagram, YouTube

NEOM Investment Fund
NEOM Investment Fund 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 that are participating in the building of NEOM and the implementation of its vision for the future. Its core activities include executing investments alongside NEOM’s sectors and subsidiary companies 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.

For more information about NEOM Investment Fund, visit https://www.neom.com/en-us/invest/neom-investment-fund or visit http://www.neom.com and http://www.neom.com/en-us/newsroom.

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Fintech PR

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

41 minutes ago

November 24, 2024

CISION (PR Newswire)

wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

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Fintech PR

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

41 minutes ago

November 24, 2024

CISION (PR Newswire)

qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech,-wahed

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

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Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

14 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.