Horizon Aircraft secures $8.4 million in fresh funding
December 24, 2024
Horizon Aircraft – developer of the hybrid-electric Cavorite X7 VTOL – has received $8.4 million in new funding from an undisclosed investor.
The investment marks the second time the “strategic partner” has supported the Canadian startup, with Horizon Aircraft CEO and co-founder Brandon Robinson elaborating: “The principle’s continued support through this second tranche of funding provides our business with a solid working capital position in support of our initiatives”.
This commitment also puts Horizon Aircraft “on solid footing” to continue developing its full-scale aircraft, Robinson added. Employing electric batteries and 14 lift fans integrated in the wings for vertical lift, alongside a thermal powerplant for forward flight, Horizon estimates the seven-seat Cavorite X7 will have a range of up to 800km at speeds of up to 250 kts.
In September 2024, Robinson explained he was “extremely proud of the pace of [Horizon’s] full-scale aircraft systems development programme,” with the large-scale prototype continuing to exceed expectations “with hundreds of flight test conducted”. Results from this ongoing campaign, said Cavorite, “are rapidly improving the design and production of the full-scale aircraft and its sub-systems”.
At the time, Horizon concluded it expected to achieve full transition speed of its scaled demonstrator by the end of the year, with the company continuing 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”. It also described ongoing testing of the cooling system and power tests for the full-scale propulsion units as “yielding positive outcomes”.
