Horizon Aircraft Goes Public, Secures Order for Up to 100 Hybrid-Electric Models

The manufacturer signed a letter of intent with Indian regional air operator JetSetGo for the purchase of up to 100 aircraft, valued at up to $500 million.

Jack Daleo

Wednesday, January 17, 2024 at 12:34 PM ET

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Horizon Aircraft’s Cavorite X5 model, which will soon be replaced by the seven-seat Cavorite X7. [Courtesy: Horizon Aircraft]

Key Takeaways:

Canadian manufacturer Horizon Aircraft, recently public on Nasdaq, has secured a deal with Indian operator JetSetGo for up to 100 hybrid-electric Cavorite X7 VTOL aircraft, valued at up to $500 million.
The seven-seat Cavorite X7 is a hybrid-electric vertical takeoff and landing aircraft designed for diverse missions, which Horizon claims offers greater range, speed, and payload compared to all-electric eVTOL competitors, while also reducing hydrocarbon emissions by up to 30 percent.
This agreement marks Horizon Aircraft's strategic entry into the populous Indian Advanced Air Mobility (AAM) market, enabling JetSetGo to expand profitably into new routes.

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Canadian manufacturer Horizon Aircraft is the latest advanced air mobility (AAM) firm to put down roots in Asia.

Horizon, maker of the seven-seat, hybrid-electric vertical takeoff and landing (VTOL) Cavorite X7, on Tuesday announced an agreement with Indian regional air operator JetSetGo for the purchase of up to 100 aircraft. The deal, worth up to $500 million, comes within a week of the manufacturer’s initial public offering (IPO) on the Nasdaq Stock Market.