Horizon Breaks Free from Astro To Step Up Work on Cavorite eVTOL Aircraft

Astro Aerospace acquired Horizon in June 2021 but was not able to proceed with a planned Nasdaq market listing.

Horizon is developing a five-passenger, hybrid-electric eVTOL aircraft called the Cavorite X5. — Horizon has built a half-scale prototype of its five-passenger Cavorite X5 eVTOL aircraft and is preparing to start flight testing. (Image: Horizon Aircraft)

By Charles Alcock • Managing Editor

August 8, 2022

With a half-scale prototype of its Cavorite X5 eVTOL now built, Horizon Aircraft expects to begin hover flights by the end of August as it works toward type certification and initial deliveries in 2026. At the same time, the Canadian start-up is returning to an independent path, having separated itself through a stock buy-back from Astro Aerospace, the U.S. company that acquired it in June 2021 in an equity-based deal that had been expected to lead to a Nasdaq listing.

According to Horizon CEO Brandon Robinson, the company is now seeking Series A funding round backers. Development work to date has been financed through investments by Astro and a Phase 1 contract from the U.S. Air Force’s Afwerx unit, which is supporting multiple eVTOL aircraft initiatives as part of its effort to explore military applications for these new vehicles.

The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background. The rest of this article continues for AIN Members with the full report, analysis and background.

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