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.
