Astro Aerospace, maker of electric vertical take-off and landing (eVTOL) aerial vehicles and drones, is acquiring Horizon Aircraft. The transaction is expected to close on or before the beginning of 2nd Quarter of this year.
In 2018. Astro’s , drone, ‘Elroy’, became the first to seamlessly fly with humans on board. Horizon, a Canadian company, has developed the prototype Cavorite X5, an eVTOL travelling up to an estimated speed of 450 km/h with a 500 kilometre range and a five passenger capacity.
The vehicle has been designed to have reduced hydrocarbon emissions, and built for operational realities including bad weather, traffic avoidance, and low-time pilots. Its patented fan-in-wing patent enables the Cavorite to be the world’s first eVTOL that can fly the majority of its mission exactly like a normal aircraft.
Horizon was founded by the father-son duo Brian and Robinson. “My father and I have long admired the unprecedented advances Astro has achieved in the aerospace sector,” Brandon Robinson, Horizon’s Chief Executive Officer, said. “Astro is a pioneer in the industry, and its work has remained incredibly relevant amongst the rise of eVTOL popularity. Horizon could not be happier to join forces with such an influential company who will contribute its high-calibre expertise to bring our design to market.”
“The acquisition of Horizon will allow the visions of both Horizon and Astro to align, creating a powerful force in the eVTOL market,” said Astro CEO Bruce Bent. “Astro shareholders can soon anticipate exponential growth as we enter this next chapter as an even greater player in the aerospace industry.”
The eVTOL aircraft market size is projected to reach $87.64 billion by 2026, while the Urban Air Mobility (UAM) market is estimated to surpass $1 trillion in the next decade.
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