Horizon Aircraft Begins Full-Scale Development of eVTOL Aircraft, Accelerates Flight Tests, and Expands World-Class Team
09 Septiembre 2024 - 7:30AM
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.”
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Key Technical Highlights
Flight Test ProgramThe
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 DevelopmentThe
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.
Forward-Looking Statements
The information in this press release contains
certain “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result” and similar expressions, but
the absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Actual results may differ from
their expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) changes in the markets
in which Horizon competes, including with respect to its
competitive landscape, technology evolution or regulatory changes;
(ii) the risk that Horizon will need to raise additional capital to
execute its business plans, which may not be available on
acceptable terms or at all; (iii) the ability of the parties to
recognize the benefits of the business combination agreement and
the business combination; (iv) the lack of useful financial
information for an accurate estimate of future capital expenditures
and future revenue; (v) statements regarding Horizon’s industry and
market size; (vi) financial condition and performance of Horizon,
including the anticipated benefits, the implied enterprise value,
the expected financial impacts of the business combination, the
financial condition, liquidity, results of operations, the
products, the expected future performance and market opportunities
of Horizon; (vii) Horizon’s ability to develop, certify, and
manufacture an aircraft that meets its performance expectations;
(viii) successful completion of testing and certification of
Horizon’s Cavorite X7 eVTOL; (ix) the targeted future production of
Horizon’s Cavorite X7 aircraft; and (x) those factors discussed in
our filings with the SEC. You should carefully consider the
foregoing factors and the other risks and uncertainties that will
be described in the “Risk Factors” section of the Proxy Statement
and other documents to be filed by New Horizon from time to time
with the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward- looking statements, and while Horizon may elect to update
these forward-looking statements at some point in the future, they
assume no obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by applicable law. Horizon does not
give any assurance that Horizon will achieve its expectations.
ContactsHorizon Aircraft Inquiries (PR):Phil
AndersonPhone: +44 (0)7767 491 519Phil@perceptiona.com
Investor Contacts:Shannon Devine and Rory Rumore
MZ GroupPhone: (203) 741-8841HorizonAircraft@mzgroup.us
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