Canada's Horizon signs letter of intent to sell up to 100 hybrid-electric aircraft worth $600 million

New Horizon Aircraft Ltd. Class A
Vertical Aerospace Ltd.

New Horizon Aircraft Ltd. Class A

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Vertical Aerospace Ltd.

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July 21 (Reuters) - Canada's Horizon Aircraft HOVR.O said on Tuesday that Australia's V-Star Powered Lift Aviation had signed a letter of intent to buy up to 100 of its hybrid-electric vertical takeoff and landing (VTOL) aircraft for $600 million.

VTOLs have been touted as an alternative mode of transport in congested cities, where they could be used as air taxis and air ambulances.

  • As part of the arrangement, V-Star will purchase five Horizon Cavorite X7 aircraft, with the option to buy up to 95 additional VTOLs.

  • Horizon said the Cavorite X7, a seven-seater aircraft, offers a range of up to 500 miles and is up to 75% cheaper to operate than a helicopter.

  • The Canadian company, along with Britain's Vertical Aerospace M000.F, is among the few VTOL manufacturers pursuing hybrid-electric aircraft.

  • Horizon intends to develop its first full-scale prototype and begin initial testing in the first quarter of 2027. These aircraft are expected to be commercialized by 2028 or 2029.

  • The company has previously signed letters of intent with Chilean helicopter operator Discovery Air Chile to lease five aircraft and with India's JetSetGo to buy up to 100 aircraft.

  • The Cavorite X7 will be powered by Pratt & Whitney PT6A engines, while RAMPF Composite Solutions is expected to build its fuselage.


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