New Horizon Aircraft, doing business as Horizon Aircraft, a Canada-based hybrid eVTOL aircraft developer, has published a comprehensive company update. Chairman and CEO Brandon Robinson comments: "Horizon had a tremendous start to 2024. After successfully completing our business combination, we were able to continue making significant technical progress on our unique hybrid electric eVTOL development programme.

"Our practical and capital efficient approach has resonated with investors and operators alike. Our last quarter saw us sign an LOI with Indian regional air transport JetSetGo for the purchase of up to 100 aircraft ($500million), continue the flight test programme of our scale prototype and further the design of our full-scale aircraft. I am incredibly proud of the team, our progress and our differentiated place in the advanced air mobility market."

The company continues to apply the lessons learned from its current large-scale prototype flight test programme to develop its full-scale aircraft. The Cavorite X7 features a patented wing system allowing it to fly the majority of its mission in a configuration similar to that of a normal aircraft. It will also use a hybrid electric main power system that promises to be extremely efficient, safe and able to re-charge its battery array in flight and after landing. With a growing team of aviation professionals, engineers and technicians, Horizon's prototyping team is positioned to build its full-scale demonstrator on schedule.

Key operating highlights include:

- the successful completion of the business combination with Pono Capital Three, and the start of trading on the Nasdaq as a public company. This structural pivot permits the company to benefit from increased liquidity and capital raising options and has resulted in a powerful partnership with global reach to leverage best-in-class technology and for future investment;

- the signing of a letter of intent with JetSetGo, a regional aviation fleet operator serving the Indian market with multi-purpose mission air transport, for an initial purchase of 50 Cavorite X7 aircraft and with an option to purchase an additional 50 aircraft for an aggregate consideration commitment of up to $500 million;

- commencing execution of the transition to forward flight-testing programme for the Cavorite X7 large-scale prototype. The company continued its robust flight-testing programme that is now systematically exploring transition to forward flight. This testing is proceeding very well and continues to yield positive results. It is expected that transition flight testing of the large-scale aircraft could achieve measurable results in May of 2024 with several test dates scheduled in the upcoming weeks; and

- continued detailed design of the full-scale eVTOL prototype. The company applied results from its large-scale prototype programme including flight tests, wind tunnel tests and digital twin studies to improve the full-scale aircraft design. The company is preparing to commence assembly of the full-scale aircraft later in 2024, with testing expected to begin in 2026.