Toronto, Ontario – 26th July 2022 – Horizon Aircraft Inc. (“Company” or “Horizon”), an innovative leader in hybrid electric Vertical Take-off and Landing (VTOL) aerial vehicles, has successfully completed Phase 1 of the AFWERX High Speed Vertical Takeoff and Landing (HSVTOL) Challenge. The highly competitive Phase 1 contract award included significant non-dilutive financial aid that helped Horizon accelerate development of their innovative Cavorite X-series VTOL aircraft.
Earlier this year the US Air Force selected a small group of companies, of which Horizon Aircraft was one, to proceed with the conceptual development of a HSVTOL aircraft. The initiative is supported by AFWERX, the Air Force’s innovation hub, and US Special Operations Command (USSOCOM). The HSVTOL program aims to develop an aircraft that could replace the Air Force’s CV-22 Osprey, one that can fly on the order of 400 kts (740 km/h) and conduct a range of missions such as personnel infiltration and extraction, tactical mobility, and aeromedical evacuation.
The HSVTOL initiative attracted proposals from over 200 companies. These were narrowed down to 35 solutions of which 11 (that included the Cavorite X-series VTOL aircraft) were ultimately selected for investment in Phase 1 of the program.
Brandon Robinson, CEO of Horizon Aircraft said, “the AFWERX program is a great example of how the US Department of Defence is leveraging the agility of private industry to increase military capability in an extremely cost-effective manner. We were honoured to partner with the elite AFWERX team that offered many valuable technical insights throughout Phase 1. We are looking forward to exploring the opportunity to deepen this partnership in Phase 2 and Phase 3 of this challenge.”
Horizon Aircraft will continue with its testing while progressing with detailed design of a full-scale VTOL aircraft that will have significant commercial and military capability.
About Horizon Aircraft Inc.
Horizon Aircraft is an advanced aerospace engineering company that has developed the world's first eVTOL that can fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Our unique designs put the mission first and prioritize safety, performance, and utility. Our Cavorite X5 eVTOL is designed to enter the market quickly and service a broad spectrum of early use cases.
FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction.
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Horizon Aircraft Inc.
3187 Highway #35
Lindsay, Ontario, K9V 4R1