Horizon Aircraft Signs Letter of Intent with Discovery Air Chile Ltda., Expanding Global Presence of Cavorite X7 Hybrid eVTOLs
Horizon Aircraft (NASDAQ: HOVR) has signed a Letter of Intent with Discovery Air Chile Ltda. to lease five Cavorite X7 hybrid eVTOL aircraft with planned delivery in 2028. The agreement marks Horizon's expansion into the South American market, particularly targeting Chilean regional air services.
The Cavorite X7 offers significant advantages over traditional helicopters, including twice the speed and up to 75% lower operating costs on a per-mile basis. The aircraft features a 30% lower per-hour operating cost compared to helicopters, positioning it as a cost-effective solution for passenger transport, patient transfers, and time-sensitive cargo delivery in Chile.
Horizon Aircraft (NASDAQ: HOVR) ha firmato una Lettera di Intenti con Discovery Air Chile Ltda. per noleggiare cinque aerei eVTOL ibridi Cavorite X7, con consegna prevista nel 2028. L'accordo segna l'espansione di Horizon nel mercato sudamericano, concentrandosi in particolare sui servizi aerei regionali cileni.
Il Cavorite X7 offre vantaggi significativi rispetto agli elicotteri tradizionali, compresa la doppia velocità e fino al 75% in meno di costi operativi su base per miglio. L'aereo presenta un costo operativo per ora inferiore del 30% rispetto agli elicotteri, posizionandolo come una soluzione economica per il trasporto di passeggeri, il trasferimento di pazienti e la consegna di carichi urgenti in Cile.
Horizon Aircraft (NASDAQ: HOVR) ha firmado una Carta de Intención con Discovery Air Chile Ltda. para arrendar cinco aeronaves eVTOL híbridas Cavorite X7, con entrega prevista para 2028. El acuerdo marca la expansión de Horizon en el mercado sudamericano, apuntando especialmente a los servicios de aviación regional en Chile.
El Cavorite X7 ofrece ventajas significativas sobre los helicópteros tradicionales, incluyendo el doble de velocidad y hasta un 75% menos de costos operativos por milla. La aeronave presenta un costo operativo por hora un 30% menor en comparación con los helicópteros, posicionándose como una solución rentable para el transporte de pasajeros, traslados de pacientes y entrega de carga urgente en Chile.
호라이즌 항공사 (NASDAQ: HOVR)는 디스커버리 에어 칠레 리미티다와 5대의 Cavorite X7 하이브리드 eVTOL 항공기를 임대하기 위한 의향서를 체결했으며, 2028년에 배송될 예정이다. 이 계약은 호라이즌의 남미 시장 진출을 의미하며, 특히 칠레의 지역 항공 서비스에 초점을 맞추고 있다.
Cavorite X7은 기존 헬리콥터에 비해 두 배의 속도와 마일당 75% 낮은 운영 비용을 제공하는 등 상당한 장점을 가진다. 이 항공기는 헬리콥터에 비해 시간당 운영 비용이 30% 낮은 특징이 있어, 칠레에서 승객 수송, 환자 이송 및 긴급 화물 배송을 위한 비용 효과적인 솔루션으로 자리 잡고 있다.
Horizon Aircraft (NASDAQ: HOVR) a signé une Lettre d'Intention avec Discovery Air Chile Ltda. pour louer cinq aéronefs eVTOL hybrides Cavorite X7, avec une livraison prévue en 2028. Cet accord marque l'expansion d'Horizon sur le marché sud-américain, en ciblant particulièrement les services aériens régionaux chiliens.
Le Cavorite X7 offre d'importants avantages par rapport aux hélicoptères traditionnels, notamment le double de la vitesse et jusqu'à 75% de coûts d'exploitation en moins par mile. L'aéronef présente un coût d'exploitation par heure inférieur de 30% comparé aux hélicoptères, le positionnant comme une solution économique pour le transport de passagers, le transfert de patients et la livraison de marchandises sensibles au temps au Chili.
Horizon Aircraft (NASDAQ: HOVR) hat eine Absichtserklärung mit Discovery Air Chile Ltda. unterzeichnet, um fünf Cavorite X7 Hybrid-eVTOL-Flugzeuge zu leasen, deren Lieferung für 2028 geplant ist. Die Vereinbarung markiert Horizons Expansion in den südamerikanischen Markt, wobei insbesondere regionale Luftverkehrsdienste in Chile im Fokus stehen.
Der Cavorite X7 bietet erhebliche Vorteile gegenüber herkömmlichen Hubschraubern, darunter die doppelte Geschwindigkeit und bis zu 75% geringere Betriebskosten pro Meile. Das Flugzeug weist gegenüber Hubschraubern 30% niedrigere Betriebskosten pro Stunde auf, was es zu einer kosteneffizienten Lösung für den Personentransport, den Patiententransfer und die zeitkritische Frachtzustellung in Chile macht.
- Secured LOI for 5 aircraft lease agreements with delivery in 2028
- Expansion into South American market through Chilean partnership
- Aircraft offers 75% cost savings per mile compared to helicopters
- 30% lower per-hour operating costs versus traditional helicopters
- Double the speed performance compared to conventional helicopters
- Long delivery timeline (2028) indicates no immediate revenue impact
- LOI is non-binding and subject to final agreement
Insights
The LOI with Discovery Air Chile marks a strategic entry into the South American market for Horizon Aircraft's Cavorite X7 eVTOL platform. With 5 aircraft slated for delivery in 2028, this deal represents a calculated move to penetrate the regional air mobility sector. The operating economics are particularly compelling -
The hybrid-electric design of the Cavorite X7 addresses key infrastructure limitations in developing markets, as it doesn't require extensive charging networks like pure electric alternatives. This positions Horizon to potentially capture significant market share in regions where conventional helicopter operations are cost-prohibitive. For investors, while Letters of Intent don't guarantee final orders, they demonstrate market validation and potential revenue streams, important for pre-revenue aerospace companies.
This LOI represents a modest but strategically important deal for HOVR, a company with a market cap of just
The focus on operational cost reduction - double the speed at
~ Horizon Aircraft Will Deliver 5 Cavorite X7s in 2028 ~
~ The Cavorite X7 Provides a Cost-Effective Alternative to Traditional Helicopters with Twice the Speed and up
TORONTO, Jan. 10, 2025 (GLOBE NEWSWIRE) -- New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), a leading hybrid electric Vertical Take-Off and Landing (“eVTOL”) aircraft developer, announced today it has signed a Letter of Intent (“LOI”) with Discovery Air Chile Ltda., a leading Chilean helicopter operator to lease five Cavorite X7 eVTOLs with a projected delivery timeline of 2028. The addition of this unique eVTOL aircraft will transform services in Chile by dramatically reducing transfer times for passengers, patients, and time sensitive goods while cutting costs for operators.
Álvaro González, General Manager, of Discovery Air Chile Ltda. said, “We are proud to be the first South American operator of Horizon Aircraft’s Cavorite X7 Hybrid eVTOL. Sustainable, cost-effective operations and innovative technology, such as what Horizon Aircraft offers, advances Chilean regional air services and is integral to maintain competitive operations. The Cavorite X7 is expected to transform the speed, flexibility, and cost to transport people and critical goods. This will be transformative for Chilean air movements at a regional level.”
Brandon Robinson, CEO and Co-founder of Horizon Aircraft, stated, “This agreement with Discovery Air Chile Ltda. marks a significant milestone for Horizon Aircraft as we further expand our international footprint into South America. In Chile, when it comes to emergency evacuations, transfers and quickly reaching hospitals, speed is essential. Our Cavorite X7 hybrid eVTOL offers a compelling economic and operational alternative to helicopters. Our aircraft can fly almost twice as fast as a traditional helicopter with an estimated
About Horizon Aircraft
Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL aircraft that is expected to perform most missions similar to a traditional aircraft while offering industry-leading speed, range, and operational utility. Horizon’s unique designs put the mission first and prioritize safety, performance, and utility. Visit www.horizonaircraft.com for more information.
Forward-Looking Statements
The information in this press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Horizon competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the ability of the parties to recognize the benefits of the business combination agreement and the business combination; (iv) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (v) statements regarding Horizon’s industry and market size; (vi) financial condition and performance of Horizon, including the anticipated benefits, the implied enterprise value, the expected financial impacts of the business combination, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon; (vii) Horizon’s ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (viii) successful completion of testing and certification of Horizon’s Cavorite X7 eVTOL; (ix) the targeted future production of Horizon’s Cavorite X7 aircraft; and (x) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the Proxy Statement and other documents to be filed by New Horizon from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Horizon may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Horizon does not give any assurance that Horizon will achieve its expectations.
Contacts
Horizon Aircraft Inquiries (PR):
Phil Anderson
Phone: +44 (0)7767 491 519
Phil@perceptiona.com
Investor Contacts:
Shannon Devine and Rory Rumore
MZ Group
Phone: (203) 741-8841
HorizonAircraft@mzgroup.us
FAQ
What is the size of Horizon Aircraft's (HOVR) new eVTOL deal with Discovery Air Chile?
How much cost savings does the Cavorite X7 offer compared to traditional helicopters?
What is the speed advantage of HOVR's Cavorite X7 over conventional helicopters?
When will Horizon Aircraft (HOVR) deliver the Cavorite X7 eVTOLs to Discovery Air Chile?
What markets will Discovery Air Chile serve with HOVR's Cavorite X7 eVTOLs?
