According to Saudi Arabia's Neom Investment Fund (NIF), the financial group associated with the development of the Saudi smart city, has officially completed a strategic investment in Boom Supersonic, a high-speed airliner developer.
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GLOAccording to Saudi Arabia’s Neom Investment Fund (NIF), the financial group associated with the development of the Saudi smart city, has officially completed a strategic investment in Boom Supersonic, a high-speed airliner developer.
While specific details of the NIF investment remain undisclosed, Boom Supersonic has stated that the Saudi group participated in a recently concluded funding round, bringing the company’s total funding to over $700 million. Boom anticipates that the Middle East, with a particular emphasis on Saudi Arabia, will play a pivotal role in the supersonic aviation market, especially in the development of the Mach 1.7 Overture airliner.
The NIF is actively supporting various advanced transportation projects and concepts that could become part of the future infrastructure for the ambitious $500 billion Neom Red Sea project. This project is a comprehensive initiative launched under Saudi Arabia’s Vision 2030 program, aimed at diversifying the nation’s economy away from its reliance on oil. Within the Neom framework, Saudi planners are constructing extensive resorts, industrial complexes, and airports along the northwest coast of the country.
In October, NIF also made a significant investment in Regent, a U.S. electric seaglider developer, as part of Regent’s $60 million Series A funding round. Regent plans to establish a Middle East R&D and training center within the smart city development, conducting on-site testing for passenger and freight transport operations along a 290-mile stretch of the Red Sea coastline, starting in the mid-2020s.
Meanwhile, Boom Supersonic has announced the successful completion of the conceptual design review for the Symphony propulsion system. Hardware rig tests are scheduled for 2024. The Symphony’s centerline engine is being developed by a team that includes Kratos subsidiary Florida Turbine Technologies, GE Additive, and StandardAero. This two-spool, 35,000-pound-thrust medium-bypass turbofan engine will feature a single-stage 72-inch-diameter fan and is designed for prolonged supersonic operation, incorporating an air-cooled, single-stage high-pressure turbine and a three-stage low-pressure turbine.
The Symphony’s compressor will consist of a six-stage high-pressure unit and a three-stage low-pressure section. The design of the supersonic inlet, diffuser, and exhaust system is tailored to meet Chapter 14 noise standards.
In the meantime, Boom’s XB-1 sub-scale demonstrator is set to make its maiden flight in Mojave, California, following a recent flight-readiness review. The aircraft has undergone runway tests at speeds up to 90 knots, ground vibration-mode testing, fuel system integration testing, and engine operability testing.
Source: NIF
