Horizon Aircraft’s Cavorite X5 eVTOLUS-based
Astro Aerospace Ltd, a developer of eVTOL (electric vertical take-off and landing) aerial vehicles and drones, has acquired
Horizon Aircraft Inc, a privately owned developer of advanced eVTOLs which has a facility in Ontario, Canada.
Patricia Trompeter, currently a member of Astro’s board of directors has been appointed as CEO. Ms Trompeter brings more than 16 years’ experience in mergers and acquisitions and 15 years in financial management experience to the position.
Horizon co-founder and CEO Brandon Robinson has been made president of Astro Aerospace Ltd. He said: “This completed acquisition is a huge opportunity for both companies’ eVTOL projects to progress exponentially.
“Astro’s respected industry reputation and available funding, together with Horizon’s engineering and design talent, will complement its existing product lines, ALTA and ELROY, and will accelerate the development of Horizon's revolutionary eVTOL, the Cavorite X5."
Astro now has a complete product offering across both commercial and industrial applications — the company will now have three eVTOL models under development - Alta, Elroy and the Cavorite X5.
Its offerings position the company as one of only a few businesses in the eVTOL space to offer both full electric and hybrid aircraft options. In addition, the Astro product line includes single passenger, piloted multiple passenger and cargo aircraft designs.
Through Mr Robinson’s leadership, Horizon acquired private funding to build the Cavorite X5 eVTOL prototype which will now be continued by Astro through a committed investment. The 1:2 prototype will be built at Horizon’s production facility in Lindsay, Ontario, and is expected to be completed by early 2022. A full-scale, certified prototype of the Cavorite X5 is expected by the end of 2024.
The Cavorite X5 is the world’s first eVTOL to fly the majority of its mission as a normal aircraft. The hybrid-electric aircraft carries four passengers plus one pilot, and is built for operational realities such as inclement weather, traffic avoidance and low-time pilots.
It travels up to 500km at a speed of 450km per hr, offering significant advantages over current conventional aircraft including increased safety, lower operating costs, a reduced noise footprint, and lower carbon emissions. More than 200 test flights of an existing sub-scale prototype have been successfully completed.
Ms Trompeter said: “The completed acquisition will propel the development of the Cavorite X5 forward. It will strengthen Astro’s ability to pursue commercialisation and allow the visions of both Astro and Horizon to align, creating a powerhouse in the eVTOL market.”