Summary
New Horizon Aircraft Ltd. (“Horizon” and “the Company”) is an advanced aerospace OEM that is designing a next generation hybrid Electric Vertical Take-Off and Landing (“eVTOL”) aircraft for the Regional Air Mobility (“RAM”) market. Horizon’s aircraft aims to offer a more efficient way to move people and goods at a regional scale (i.e., from 50 to 500 miles), help to connect remote communities, and advance the ability to address an increasing number of climate related natural disasters such as wildfires, floods, or droughts.
The product design is a hybrid electric 7-seat aircraft, called the Cavorite X7, that can take off and land vertically like a helicopter. However, unlike a traditional helicopter, for the majority of its flight it will return to a configuration much like a traditional aircraft. This would allow the Cavorite X7 to fly faster, farther, and operate more efficiently than a traditional helicopter. Expected to travel at speeds up to 250 miles per hour at a range over 500 miles, this aircraft is expected to be a disruptive force to RAM travel. The new and developing eVTOL aircraft market has been made possible by a convergence of innovation across many different technologies. Batteries, immense strength of light materials, computing power, simulation, and propulsion technology have all crossed a critical threshold to enable viable aircraft designs including the Cavorite X7. This has resulted in the establishment and rapid growth of the Advanced Air Mobility (“AAM”) market.
The aircraft is powered by a hybrid electric main engine. For vertical flight, electrical power for the powerful ducted fans in the wings and canards comes from two sources: an on-board generator driven by an internal combustion engine and an array of batteries. Augmenting the battery power with generator power allows us to reduce battery size, recharge the aircraft after vertical takeoff or landing, and increase safety. This aircraft is able to operate in austere locations without power, unlike other pure electric designs that will be forced to fly from charging station to charging station.