Horizon Aircraft Secures LOI with V-Star Powered Lift Aviation for the Purchase of Up to 100 Hybrid eVTOLs For $600 Million at FIA26
ASIM, Jul 21
New Horizon Aircraft Ltd. (“Horizon Aircraft” or the “Company”) (NASDAQ: HOVR), an advanced aerospace company developing one of the first hybrid-electric Vertical Takeoff and Landing (VTOL) aircraft, today announced it has signed a Letter of Intent (“LOI”) with V-Star Powered Lift Aviation Pty Ltd. (“V-Star”), an Australian-based aircraft operator specializing in advanced power-lift aircraft, to purchase 5 Cavorite X7 hybrid-electric VTOL aircraft with options to purchase up to an additional 95 aircraft. V-Star intends to secure the delivery slots for these 5 aircraft with a firm deposit upon execution of the definitive agreement.
V-Star provides innovative, cost-effective aviation solutions with particular expertise in critical emergency services. The addition of Cavorite X7s into V-Star’s fleet will significantly reduce medevac response times and patient transfers, and search and rescue missions can be executed faster and more cost-efficiently.
V-Star CEO Tony Laws commented, “Flying at nearly twice the speed of helicopters, the addition of Cavorite X7s to our fleet will be a critical advantage to help people in need when minutes matter. V-Star is committed to delivering leading powered-lift technologies across Australia to improve outcomes on critical missions, and this LOI with Horizon Aircraft brings us one step closer to a new standard for emergency services operations and cost-effective transport solutions in regional Australia.”
Horizon Aircraft Co-Founder and CEO Brandon Robinson said, “V-Star’s intentions of moving to a firm order to deploy Cavorite X7s for time-critical missions makes this LOI significant. As more operators learn how the X7 is a compelling operational and economic alternative to helicopters, we believe a significant transformation will occur across emergency air services worldwide.”
For more information, visit Horizon Aircraft’s website or watch its innovative technology in action on the Company’s YouTube channel. Information on Horizon Aircraft’s website does not constitute a part of and is not incorporated by reference into this press release.
