28 Nov 2022
Astro Aerospace announced on Aug. 4 that it has sold eVTOL developer Horizon Aircraft to a group of Astro shareholders, roughly one year after the US firm acquired the Toronto-based eVTOL developer. “This transaction will allow Horizon Aircraft to accelerate development of our eVTOL in the private sector with access to more flexible funding mechanisms,” said Horizon CEO Brandon Robinson in a statement. Horizon is in the process of assembling a Series A funding round with potential investors to secure funding for the next 24 months of development.
The news broke shortly after Horizon revealed a half-scale prototype of its Cavorite X5 eVTOL aircraft. The prototype is expected to undergo flight tests in Canada in the “next couple of weeks,” said Robinson in an Aug. 10 interview with eVTOL Insights. Horizon Aircraft was one of the 11 companies selected by the US Air Force earlier this year to develop a highspeed VTOL (see “Air Force Picks 11 Companies for High-Speed VTOL Program, Vertiflite, March/April 2022), a competition that could yield the company as much as $35M in funding. In addition to laying the groundwork for a full-scale Cavorite X5, Horizon could market the 50%-scale prototype as a standalone drone for cargo delivery, Robinson told eVTOL Insights.