Astro Aerospace acquired Horizon in June 2021 but was not able to proceed with a planned Nasdaq market listing.
The Cavorite X5 is an eVTOL designed by Horizon Aircraft which takes its aim to operate for applications including disaster relief, emergency medical, cargo transport, and air taxi services. The aircraft uses two primary means of propulsion: 16 duct-in-wing motors that allow the aircraft to move vertically, and a more powerful hybrid-electric motor to produce more powerful horizontal thrust. As a result, during cruise, this X5 flies more like a plane than it does a multicopter. This design accommodates one pilot and four passengers, with a typical cruise speed of 215 mph and a range of approximately 310 miles. The larger hybrid-electric engine and wings allow the aircraft to be landed conventionally if there is insufficient battery power to land vertically.
In February of 2021, Astro Aerospace announced their acquisition of Horizon Aircraft, and intends to build upon the existing Cavorite X5 prototype, which the company promises to finish shortly, although there is no clear timeline on when the company hopes to achieve commercial certification. In addition to further development of the X5, the company also plans to advance development of its smaller autonomous Elroy model and the Alta logistics platform.
In June 2021, Astro Aerospace completed its acquisition of the Cavorite X5’s manufacturer Horizon Aircraft. The merged operation will continue to develop the Cavorite X5 aircraft in addition to Astro Aerospace’s Elroy and Alta models.