TORONTO, Aug. 22, 2025 (GLOBE NEWSWIRE) — New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon” or the “Company”), an advanced aerospace engineering company and developer of one of the world’s first hybrid electric Vertical Take-Off and Landing (VTOL) aircraft, today provided its business update and financial results for the fourth quarter and year ended May 31, 2025.
Highlights include the following:
One of the world’s first ever successful fan-in-wing forward transition flights in May 2025 with the Company’s large-scale prototype aircraft;
Strong balance sheet with 18+ months of liquidity;
Efficient approach to commercialization resulting in significantly reduced aircraft development costs relative to other eVTOL organizations;
World-class talent acquisition with the additions of Thomas Brassington, Justin Chapman, Andrea Mocellin, and John Wyzykowski to the engineering team; and
Significant commitments from government agencies for non-dilutive funding grants.
“This was a pivotal year across all facets of our business – design, technical testing, personnel hires, and funding,” said Brandon Robinson, CEO of Horizon Aircraft. “Our achievements were highlighted in May 2025 by being one of the first eVTOL companies to successfully achieve forward transition flight of a large-scale prototype that uses fan-in-wing technology. This milestone lends tremendous credibility to the design of our Cavorite X7 aircraft that is expected to lead the industry in all major performance categories, including speed, range, and payload.”
Horizon Aircraft CFO Brian Merker added, “With added resources from funding efforts in both fiscal 2025 and Q1 of fiscal 2026, we now have approximately $17 million of cash and sufficient capital to complete our full-scale demonstrator aircraft over the next 18 months.”
About Horizon Aircraft
Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon Aircraft’s unique designs put the mission first and prioritize safety, performance, and utility. Horizon intends to successfully complete testing and certification of its Cavorite X7 eVTOL and then scale unit production to meet expected demand from regional operators, emergency service providers, and military customers.
TORONTO, June 25, 2025 (GLOBE NEWSWIRE) — New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), an advanced aerospace engineering company and developer of one the world’s first hybrid eVTOL (electric Vertical Take-Off and Landing) aircraft, announces a strategic collaboration with Andrea Mocellin, an internationally acclaimed mobility designer, to refine the design and aesthetics of the revolutionary Cavorite X7 hybrid-electric eVTOL aircraft.
Mocellin, known for his pioneering work in aviation, automotive, and micromobility, brings extensive expertise from leading roles at Lilium, Alfa Romeo, Maserati, NIO, Pininfarina, and the internationally-awarded Revolve Air. His visionary approach to design, blending engineering, aerodynamics, and storytelling, will ensure that the Cavorite X7 is not only technologically advanced but also visually iconic. The Cavorite X7, designed for high performance, long-range capabilities, safety, and operational flexibility, will represent a major leap in hybrid-electric aviation. Horizon Aircraft and Mocellin will focus on refining its exterior form, proportions, and key design elements, seamlessly integrating functionality with aesthetics to enhance efficiency, aerodynamics, and user experience. The interior will be designed to accommodate multiple configurations, optimizing space and user experience without compromising on functionality or comfort.
“As we push forward with the next phase of the Cavorite X7’s development, partnering with Andrea allows us to elevate the aircraft’s design and reinforce our commitment to world-class innovation in eVTOL technology,” said Brandon Robinson, CEO and Co-founder at Horizon Aircraft.
“It is a unique opportunity to collaborate with Horizon Aircraft on this groundbreaking project,” said Andrea Mocellin. “Bringing together my experience in transportation design and mobility innovation, our goal is to create an aircraft that is both performance-driven and instantly recognizable, setting a new benchmark in the industry.”
This partnership underscores Horizon Aircraft’s dedication to excellence, ensuring that the Cavorite X7 not only delivers exceptional performance but also embodies a compelling and futuristic design suited for the next generation of sustainable air mobility.
For more information about Horizon Aircraft, please see the Company’s website or watch its innovative technology in action on the Company’s YouTube channel .
About Horizon Aircraft
Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon Aircraft’s unique designs put the mission first and prioritize safety, performance, and utility. Horizon intends to successfully complete testing and certification of its Cavorite X7 eVTOL and then scale unit production to meet expected demand from regional operators, emergency service providers, and military customers.
Analysis shows medical emergency transfer times across 230 km can be cut by nearly three hours compared with ambulances and by nearly 30 minutes compared with helicopters
Horizon Aircraft’s Cavorite X7 can cover all of Ireland, is 50% more cost efficient and has twice the range of comparable helicopters
eVTOLs will also help boost tourism and cut costs for passengers and operators, Horizon Aircraft believes
Toronto, Canada – 13th January 2025 – Switching to hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft will transform air ambulances in Ireland dramatically reducing transfer times for patients and cutting costs for operators, analysis* from New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”) shows.
Hybrid eVTOLs, which have a flight range of up to 800 km with fuel reserves, can cover all of Ireland using existing helipads and analysis shows they are up to two-times faster and are 50% more cost efficient with almost twice the range of twin engine helicopters.
Horizon Aircraft, the leading hybrid eVTOL aircraft developer, says speed is essential with medical evacuations and transfers and the ability to reach hospitals faster will save lives. Data shows a 230 km transfer from Letterkenny University Hospital to Dublin Hospital would take 35 minutes in the Cavorite X7, compared with nearly an hour in a helicopter and as long as three-and-a-half hours by road in an ambulance.
The cost per mile for the Cavorite X7 would be 74% cheaper when compared with a twin helicopter for the 230 km journey, Horizon Aircraft says. Other operating savings for the Cavorite X7 include hangar costs which are around 40% of a helicopter as its wingspan can be reduced by folding the wings.
The company believes hybrid eVOTLs can also play a major role in tourism in Ireland – for instance 300 km transfers from Dublin Airport to Belmullet on the Wild Atlantic Way would take around 40 minutes with the Cavorite X7 compared with one hour and 10 minutes in a helicopter and four hours or more in a hire car.
Phil Kelly, Senior Vice President Business Development said: “Hybrid eVTOLs are up to two times faster, 50% more cost efficient with almost twice the range and a quarter of the carbon emissions of helicopters which is a compelling argument for their use as air ambulances.”
“They cover all of Ireland and will transform medical evacuation times and ultimately save lives. However, it is crucial that hybrid eVTOLs are suited to working as air ambulances. The Cavorite X7 has a range of up to 800 km when carrying medical personnel, equipment and patients.”
Investors believe air ambulances will be one of the biggest growth areas for hybrid eVTOLs with speed over the next five years – personal transportation, fire service and air ambulances were rated as the top three growth areas in Horizon Aircraft’s global study** with small- and micro-cap fund managers in the US, Canada, Europe, the Middle East and Asia who collectively manage $82.4 billion assets under management.
Horizon Aircraft’s Cavorite X7 aircraft will have a gross weight of an estimated 5,500 lbs with a projected useful load of 1,500 lbs. With an estimated maximum speed of 450 km per hour and an average range of over 800 km with fuel reserves, Horizon believes that this experimental aircraft, if eventually licensed for commercial use, would be well-positioned to excel in medical evacuation The Company believes that the proposed aircraft would also be attractive for passenger transport and tourism moving people and luggage 50 to 800 km.
Unlike many in its category, the Cavorite X7 is being designed with a hybrid electric power system. The Company is designing the Cavorite X7 such that it could, after its vertical takeoff, re-charge its batteries enroute when it is flying in a configuration like a traditional aircraft. After a vertical landing and completion of a mission, the Company is designing the Cavorite X7 to recharge its own battery array with no ground charging infrastructure required to be ready for its next mission.
Horizon believes that its innovative approach and technology will allow the Cavorite X7 to fly 98% of its mission in a very low-drag configuration like a traditional aircraft. The Company believes that flying most of the time as a normal aircraft is also safer and will make the aircraft easier to certify than other radical new eVTOL designs. The Cavorite X7 will be powered by a hybrid electric system that will recharge the battery array in-flight and post-flight, while also providing significant system redundancy. The Company is continuing the testing of its 50%-scale aircraft that it believes will reduce technical risk moving forward as it continues to develop its full-scale aircraft.
About Horizon Aircraft
Horizon Aircraft (Nasdaq: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL that is to be able to fly most of its mission exactly like a traditional aircraft while offering industry-leading speed, range, and operational utility. Horizon’s unique designs put the mission first and prioritize safety, performance, and utility. Horizon hopes to successfully complete testing and certification of its Cavorite X7 eVTOL quickly and then enter the market and service a broad spectrum of early use cases. Visit www.horizonaircraft.com for more information.
~ Horizon Aircraft Will Deliver 5 Cavorite X7s in 2028 ~
~ The Cavorite X7 Provides a Cost-Effective Alternative to Traditional Helicopters with Twice the Speed and up 75% Lower Operating Costs ~
TORONTO, Jan. 10, 2025 (GLOBE NEWSWIRE) — New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), a leading hybrid electric Vertical Take-Off and Landing (“eVTOL”) aircraft developer, announced today it has signed a Letter of Intent (“LOI”) with Discovery Air Chile Ltda., a leading Chilean helicopter operator to lease five Cavorite X7 eVTOLs with a projected delivery timeline of 2028. The addition of this unique eVTOL aircraft will transform services in Chile by dramatically reducing transfer times for passengers, patients, and time sensitive goods while cutting costs for operators.
Álvaro González, General Manager, of Discovery Air Chile Ltda. said, “We are proud to be the first South American operator of Horizon Aircraft’s Cavorite X7 Hybrid eVTOL. Sustainable, cost-effective operations and innovative technology, such as what Horizon Aircraft offers, advances Chilean regional air services and is integral to maintain competitive operations. The Cavorite X7 is expected to transform the speed, flexibility, and cost to transport people and critical goods. This will be transformative for Chilean air movements at a regional level.”
Brandon Robinson, CEO and Co-founder of Horizon Aircraft, stated, “This agreement with Discovery Air Chile Ltda. marks a significant milestone for Horizon Aircraft as we further expand our international footprint into South America. In Chile, when it comes to emergency evacuations, transfers and quickly reaching hospitals, speed is essential. Our Cavorite X7 hybrid eVTOL offers a compelling economic and operational alternative to helicopters. Our aircraft can fly almost twice as fast as a traditional helicopter with an estimated 30% lower per-hour operating cost. This results in over 75% savings as compared to a traditional helicopter on a per-mile basis.”
About Horizon Aircraft
Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL aircraft that is expected to perform most missions similar to a traditional aircraft while offering industry-leading speed, range, and operational utility. Horizon’s unique designs put the mission first and prioritize safety, performance, and utility. Visit www.horizonaircraft.com for more information.
~ Deepens Investor’s Dedication to Horizon Aircraft Supporting Continued Operations and Development ~
Toronto, Canada, December 23, 2024 (GLOBE NEWSWIRE) – New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), a leading hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer, announced today it has received an investment from a strategic investor (the “Investor”) and aerospace supporter, for aggregate proceeds of $8.4 million (the “Investment”). The strategic financing will fortify Horizon Aircraft’s balance sheet, provide stability in the operations, governance and regulatory priorities, and fund further development and flight testing of its hybrid eVTOL, the Cavorite X7.
Brandon Robinson, Chief Executive Officer and Co-Founder of Horizon Aircraft commented, “We are deeply appreciative for this second investment from our strategic partner. The principle’s continued support through this second tranche of funding provides our business with a solid working capital position in support of our initiatives. With this commitment Horizon Aircraft is on solid footing, and our focus is on the development of our full-scale hybrid eVTOL.”
Under the terms of the Investment, the Investor will receive an aggregate $2.1 million in Horizon Class A ordinary shares totaling 4,166,667 shares offered at $0.50 CAD per share to be issued from treasury (the “Common Shares”). Additionally, the Investor will exchange $6.3 million for 4,500 preferred shares to be issued from treasury (the “Preferred Shares”), each will be convertible to Common Shares at a price of $0.63 CAD per share for a period of five (5) years. The Preferred Shares shall have a priority liquidation preference over the Common Shares. The Company shall register the Common Shares with the United States Securities and Exchange Commission as soon as practically possible, but no later than 90 calendar days from filing.
About Horizon Aircraft
Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon’s unique designs put the mission first and prioritize safety, performance, and utility. Horizon hopes to successfully complete testing and certification of its Cavorite X7 eVTOL quickly and then enter the market and service a broad spectrum of early use cases. Visit www.horizonaircraft.com for more information.
Toronto, Canada – 7th November 2024 – New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), an advanced aerospace engineering company and developer of the world’s first hybrid eVTOL (electric Vertical Take-Off and Landing) that can fly most of its mission exactly like a normal aircraft powered by a turboprop, announces that it has been awarded the Industry Excellence Award for Small Business Innovation and Technology at this year’s Aerospace Industry Awards, hosted by the Aerospace Industry Association of Canada (AIAC).
The prestigious award celebrates Horizon Aircraft’s exceptional contribution to Canadian aerospace, particularly for its advancement in technology and innovation within the eVTOL space.
The AIAC’s annual awards recognize individuals and organizations that drive the Canadian aerospace sector forward through groundbreaking ideas, technological advancements, and unwavering dedication to excellence. Horizon Aircraft joins a select group of awardees celebrated for their outstanding achievements this year.
Brandon Robinson, CEO of Horizon Aircraft, commented: “We are honoured to be receiving this award from AIAC. This recognition is a testament to the hard work and dedication of our entire team, whose commitment to innovation within the eVTOL space is the driving force behind our Cavolite X7, a hybrid eVTOL built for operational reality. We are proud to be driving sustainable innovation in Canadian aerospace and will continue pushing the boundaries of technology to deliver solutions that further advance the rapidly growing eVTOL sector.”
The award was presented during the awards ceremony at the AIAC Annual Aerospace Summit on November 5. The event brings together industry leaders, professionals, and government officials to recognize excellence and innovation.
Horizon Aircraft’s unique Cavorite X7 aircraft will have a gross weight of an estimated 5,500 lbs with a projected useful load of 1,500 lbs. With an estimated maximum speed of 250 miles per hour and an average range of over 500 miles with fuel reserves, Horizon believes that this experimental aircraft, if eventually licensed for commercial use, would be well-positioned to excel in medical evacuation, critical supply delivery, disaster relief, and special military missions. The Company believes that the proposed aircraft would also be attractive for Regional Air Mobility – moving people and cargo 50 to 500 miles.
Unlike many in its category, the Cavorite X7 is being designed with a hybrid electric power system. The Company is designing the Cavorite X7 such that it could, after its vertical takeoff, re-charge its batteries enroute when it is flying in a configuration like a traditional aircraft. After a vertical landing and completion of a mission, the Company is designing the Cavorite X7 to recharge its battery array in under 30 minutes to be ready for its next mission.
Horizon believes that its innovative approach and technology will allow the Cavorite X7 to fly 98% of its mission in a very low-drag configuration like a traditional aircraft. The Company believes that flying most of the time as a normal aircraft is also safer and will make the aircraft easier to certify than other radical new eVTOL designs. The Cavorite X7 will be powered by a hybrid electric system that will recharge the battery array in-flight and post-flight, while also providing significant system redundancy. The Company is continuing the testing of its 50%-scale aircraft that it believes will reduce technical risk moving forward as it continues to develop its full-scale aircraft.
About Horizon Aircraft
Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon’s unique designs put the mission first and prioritize safety, performance, and utility. Horizon hopes to successfully complete testing and certification of its Cavorite X7 eVTOL quickly and then enter the market and service a broad spectrum of early use cases. Visit www.horizonaircraft.com for more information.
Full Transition of Large-Scale Prototype by End of 2024
TORONTO, Sept. 09, 2024 (GLOBE NEWSWIRE) — New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), a leading hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer, announced several key business and technical updates as the Company is steadily progressing in the development of key technological components of its novel, hybrid-powered eVTOL aircraft.
Brandon Robinson, CEO of Horizon Aircraft, commented, “I am extremely proud of the pace of our full-scale aircraft systems development program, the world-class team we’re building, and the game-changing technology that we’re bringing to Advanced Air Mobility. Our unique, customer-first approach prioritizes building a tough eVTOL aircraft that can operate in bad weather, icing conditions, and other challenging operational environments. This strategy is gaining strong traction with operators, driving substantial demand.”
Flight Test Program The large-scale prototype continues to exceed expectations. Hundreds of flight tests have been conducted and we are approaching full transition speed. The Company expects to achieve full transition by the end of the year. The real-world test results are rapidly improving the design and production of the full-scale aircraft and its sub-systems.
Full-Scale Aircraft Development The Company continues to develop and patent key technologies that underpin its unique aircraft including the full-scale propulsion units that are key to the HOVR Wing technology. Testing of the cooling system and power tests for the full-scale propulsion units are ongoing, yielding positive outcomes, and load testing results for the HOVR Wing mechanism are very positive.
Digital Twin Development The Company also continues to develop its sophisticated hardware-in-the-loop (HITL) digital twin technology that has enabled a more efficient and rapid testing of the large-scale prototype aircraft with thousands of digital flight tests informing real-world anticipated handling characteristics of the large-scale prototype.
Horizon Aircraft is developing an eVTOL aircraft that stands out amongst its peers. With its patented HOVR wing technology that allows it to fly 98% of its mission in a configuration similar to that of a normal aircraft, featuring a hybrid power system that offers superior range, speed, and payload in its class, the Company believes that this aircraft could be a disruptive force of change within the regional air travel market.
Horizon Aircraft’s hybrid eVTOL, the Cavorite X7, is designed to perform at a speed of almost twice that of a comparable helicopter while operating at a materially lower cost. With an estimated maximum speed of 250 miles per hour and an average range of over 500 miles with fuel reserves, Horizon believes this aircraft, if eventually licensed for commercial use, would be well-positioned to excel in medical evacuation, critical supply delivery, disaster relief, and special military missions.
The Company believes that flying most of the time as a normal aircraft is also safer and will make the aircraft easier to certify than other radical new eVTOL designs. The Cavorite X7 will be powered by a hybrid electric system that will recharge the battery array in-flight and post-flight, while also providing significant system redundancy. The Company is continuing the testing of its large-scale prototype and is in active design and manufacturing of a full-scale technical demonstrator aircraft.
About Horizon Aircraft
Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon’s unique designs put the mission first and prioritize safety, performance, and utility. Horizon hopes to successfully complete testing and certification of its Cavorite X7 eVTOL quickly and then enter the market and service a broad spectrum of early use cases. Visit www.horizonaircraft.com for more information.
Tom Brassington joins from Lilium, bringing significant eVTOL industry experience
TORONTO, Aug. 21, 2024 (GLOBE NEWSWIRE) — New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), an advanced aerospace engineering company and developer of the world’s first eVTOL (electric Vertical Take-Off and Landing) that can fly most of its mission exactly like a normal aircraft, today announces that Tom Brassington has been appointed as Chief Technology Officer.
Tom is the latest in a series of new hires as Horizon Aircraft continues to bolster its engineering team with people who have proven track records in the aerospace sector. Tom joins from Lilium, a leading eVTOL developer, where he held the position of Head of System Design Engineering. He takes up his new role at Horizon Aircraft at the end of October 2024.
Tom has 17 years’ experience working in aerospace systems engineering and his visionary leadership and technical expertise, alongside his extensive experience working in the eVTOL space, will greatly enhance Horizon Aircraft’s engineering team’s capabilities, streamline development processes and drive innovation.
Other skills include additional eVTOL certification expertise ahead of Horizon’s production of the Cavorite X7, a piloted seven-seat hybrid electric eVTOL. The aircraft has been developed in response to demand from potential customers in the medevac, business aviation and commercial cargo sectors.
Brandon Robinson, CEO of Horizon Aircraft, said: “We are thrilled to welcome Tom to our team of visionary and highly talented engineers. Tom’s experience is rare – he has seen firsthand the challenges associated with eVTOL aircraft development and certification – and we feel very fortunate that he has placed his confidence in Horizon Aircraft. His experience will be invaluable as we continue the design, production, and testing of our Cavorite X7 aircraft.
Tom Brassington commented: “The eVTOL sector is a very crowded marketplace. As it develops it is becoming clearer which companies are likely to succeed, and Horizon Aircraft is one of those few companies that maintains a strict operational focus, has a realistic concept that will work with current technology, and has built a highly experienced team that can deliver. This is an exciting period in the company’s growth, and I am very much looking forward to being part of this.”
Horizon Aircraft’s Cavorite X7 aircraft will have a gross weight of an estimated 5,500 lbs with a projected useful load of 1,500 lbs. With an estimated maximum speed of 250 miles per hour and an average range of over 500 miles with fuel reserves, Horizon believes that this experimental aircraft, if eventually licensed for commercial use, would be well-positioned to excel in medical evacuation, critical supply delivery, disaster relief, and special military missions. The Company believes that the proposed aircraft would also be attractive for Regional Air Mobility – moving people and cargo 50 to 500 miles.
Unlike many in its category, the Cavorite X7 is being designed with a hybrid electric power system. The Company is designing the Cavorite X7 such that it could, after its vertical takeoff, re-charge its batteries enroute when it is flying in a configuration like a traditional aircraft. After a vertical landing and completion of a mission, the Company is designing the Cavorite X7 to recharge its battery array in under 30 minutes to be ready for its next mission.
Horizon believes that its innovative approach and technology will allow the Cavorite X7 to fly 98% of its mission in a very low-drag configuration like a traditional aircraft. The Company believes that flying most of the time as a normal aircraft is also safer and will make the aircraft easier to certify than other radical new eVTOL designs. The Cavorite X7 will be powered by a hybrid electric system that will recharge the battery array in-flight and post-flight, while also providing significant system redundancy. The Company is continuing the testing of its 50%-scale aircraft that it believes will reduce technical risk moving forward as it continues to develop its full-scale aircraft.
About Horizon Aircraft
Horizon Aircraft (Nasdaq: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL that is to be able to fly most of its mission exactly like a traditional aircraft while offering industry-leading speed, range, and operational utility. Horizon’s unique designs put the mission first and prioritize safety, performance, and utility. Horizon hopes to successfully complete testing and certification of its Cavorite X7 eVTOL quickly and then enter the market and service a broad spectrum of early use cases. Visit www.horizonaircraft.com for more information.
TORONTO, Jan. 16, 2024 (GLOBE NEWSWIRE) — New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), a leading hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer, announced today that it has entered into a Letter of Intent (“LOI”) with JetSetGo, a regional air operator servicing multiple mission profiles. This LOI allows JetSetGo to purchase 50 Cavorite X7 Aircraft at a purchase price up to $5M USD per aircraft for a total aggregate consideration of $250M USD, with an option to purchase an additional 50 aircraft for a total possible consideration of $500M USD.
Brandon Robinson, Chief Executive Officer of Horizon commented, “We are truly honoured by this commitment from JetSetGo, a leading private aviation operator with a shared vision of a more sustainable and efficient on-demand regional travel. We are confident that our Cavorite X7 eVTOL will operate sustainably and profitably across India as well as many other global locations. As a hybrid electric aircraft, there is no need to install expensive charging support equipment across the travel network; it is a machine designed for challenging, real-world operations.”
Kanika Tekriwal, JetSetGo’s CEO and co-founder, stated, “Our decision to enter into this Agreement with Horizon Aircraft was not taken lightly. We ultimately decided to partner with a company with a deep operational and aerospace technology background that will deliver a product that will help usher in a new era of sustainable air travel while also providing significant value for our customers. This partnership will help JetSetGo profitably enter new markets by leveraging the versatility of the Cavorite platform to bring about the vision of Advanced Air Mobility in India.”
About Horizon Aircraft
Horizon Aircraft is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon’s unique designs put the mission first and prioritize safety, performance, and utility. Horizon hopes to successfully complete testing and certification of its Cavorite X7 eVTOL quickly and then enter the market and service a broad spectrum of early use cases. Visit www.horizonaircraft.com for more information.
About JetSetGo
JetSetGo, founded in 2014 by the visionary duo Kanika Tekriwal and Sudheer Perla, has been on a mission to revolutionise private air travel in India. Its core principles, putting customer needs first, maximising the value of their time, and making private aviation simple and accessible, have positioned the brand as a leading provider of on-demand private aviation services.
Headquartered in New Delhi, JetSetGo was conceived by a commitment to tackle the significant challenges within the private aviation sector. The brand has created a more transparent and accessible marketplace for private jet charter, making private jet ownership more affordable and convenient while elevating the quality and consistency of charter services. The fleet currently comprises five mid-size Hawker aircraft, meticulously tailored to the unique demands of the Indian market, and six other aircraft ranging from large cabin jets to helicopters.
~ Expands and Strengthens Leadership Team with Seasoned Public Company Finance and Aviation Industry Executive ~
Toronto, Canada, December 12, 2023 – Robinson Aircraft Ltd., doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), a hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer, today announced the expansion of its leadership team with the appointment of seasoned financial aviation executive, Brian Merker, as Chief Financial Officer.
“We are excited to officially welcome Brian to the Horizon Aircraft management team and lead our financial operations into our next stage of growth as we make significant strides towards our public listing,” stated Brandon Robinson, Chief Executive Officer. “Brian’s advanced financial management skills in the public and private markets within the aerospace industry closely tracks with Horizon’s core business. We have successfully executed the manufacturing and design of several sub-scale prototype eVTOL aircraft and with the addition of Brian’s financial acumen, we are well-positioned for a smooth transition of Horizon as a public company and to accelerate our next phase of growth.”
Mr. Merker commented, “I am delighted to join the exceptionally talented team of design and manufacturing professionals at Horizon Aircraft. I look forward to leveraging my previous chief financial officer responsibilities and experience in aviation to manage a sound financial operation with sharp financial oversight. My experience will help support the Company’s growth initiatives and capital deployment plans as Horizon develops its full-scale aircraft and its vision of building a better future.”
Mr. Merker brings more than 20 years of senior financial management experience to Horizon spanning both public and private sectors, including 10 years serving in the aviation sector. Most recently, Mr. Merker served as Chief Financial Officer of Skyservice Business Aviation, supporting their growth efforts in aircraft management, maintenance, fixed-based operations, charter, and brokerage. Prior to Skyservice Business Aviation, Mr. Merker was Vice President of Finance at Discovery Air, a publicly traded company that included a diverse range of aviation related services. From 2007 to 2012, Mr. Merker served as Vice President of Finance at Score Media, a publicly traded company focused on sports broadcast and technology innovation. Mr. Merker began his career in the KPMG audit practice with significant exposure to SEC registrants at the commencement of the Sarbanes-Oxley legislation. Mr. Merker obtained his Commerce degree with Honors in Economics from Guelph University before attending Queen’s University to complete his Chartered Professional Accounting academia requirements.
About Horizon Aircraft Horizon Aircraft is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon’s unique designs put the mission first and prioritize safety, performance, and utility. Horizon hopes to successfully complete testing and certification of its Cavorite X7 eVTOL quickly and then enter the market and service a broad spectrum of early use cases. Visit www.horizonaircraft.com for more information.
