FutureFlight
Astro Aerospace Agrees to Buy eVTOL Developer Horizon Aircraft
The acquisition, for an undisclosed amount, is set to be complete in the second quarter of 2021, and Astro also plans an initial public offering to raise further capital.
Horizon Aircraft Cavorite X5
Horizon Aircraft's Cavorite X5 eVTOL development is set to be boosted by Astro Aerospace, which is buying the Canadian company. (Image: Horizon Aircraft)

Astro Aerospace is stepping up its plans in the eVTOL aircraft sector with the acquisition of Horizon Aircraft. The Texas-based group announced the deal with the Canadian start-up on February 18 and expects to complete the transaction by the end of the second quarter.

Horizon is working on a prototype for its hybrid-electric Cavorite X5 eVTOL aircraft, which is expected to carry five passengers on flights of just over 300 miles. The propulsion system features 16 ducted fans, 12 of which are built into the main wing, with the other four in a forward canard.