Canadian eVTOL developer Horizon Aircraft has obtained an $8.4 million funding injection from a strategic investor.
The company is working on a hybrid eVTOL designated the Cavorite X7, which will use electric battery power and a fan-in-wing configuration to provide vertical lift, and burn conventional or sustainable fuel for forward thrust.
Horizon says the investor will receive $2.1 million in ordinary shares from treasury, and exchange another $6.3 million for convertible preferred shares.
It states that the funding will “fortify” its balance sheet and finance flight-testing and development of the X7.
“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,” says Horizon Aircraft chief Brandon Robinson.
He says the financing puts the company “on solid footing”.
Horizon says it has carried out “hundreds” of flight tests with a large-scale prototype and stated in September that it expected to achieve “full transition” speed by the end of this year.
It added that the test results were “rapidly improving” the design of the full-scale aircraft and development of its key technologies, including the propulsion units for its fan-in-wing design.
Horizon intends the X7 to operate over a range of 500nm, at speeds almost twice those of a comparable helicopter.
