New Horizon Aircraft (NASDAQ: HOVR) Announces Key Technical Updates On Development Of eVTOL Prototype

May 31, 2024 at 08:30 AM EDT

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By James Blacker, Benzinga

The world is on the cusp of a new era of more sustainable and efficient transportation with the advent of electric Vertical Take-Off and Landing (eVTOL) aircraft. These potentially revolutionary vehicles are designed to take off and land vertically, making them ideal for congested urban environments and remote areas where runway space is limited. They have a long list of use cases, from faster medical service to global crisis relief.

The global advanced air mobility market, estimated at $8.15 billion in 2022, is projected to expand at a compound annual growth rate of 24.6% from 2023 to 2035, driven by advancements in electrical propulsion systems and demand for faster, more efficient transportation.

New Horizon Aircraft: A Differentiated eVTOL Product

Among the companies developing eVTOL technology is New Horizon Aircraft Ltd. (NASDAQ: HOVR). Its prototype, the Cavorite X7, is a hybrid electric eVTOL that features a patented wing system allowing it to convert to a conventional airplane configuration after taking off vertically.

The company claims it can, therefore, go faster, farther, and carry more useful load than other eVTOL aircraft, such as those developed by Lilium (NASDAQ: LILM), Archer Aviation (NYSE: ACHR), Joby Aviation (NYSE: JOBY), and EHang Holdings (NASDAQ: EH).

The Cavorite X7 also differs from its competitors in that it uses a hybrid electric main power system allowing it to recharge its battery array in flight and after landing.

Technical Milestones

In a recent press release, Horizon announced a number of promising technical updates on the development of its prototype, notably including the validation of its patent-pending yaw control system. This system is a crucial component of Horizon’s patented HOVR Wing tech, enabling the Cavorite X7 to remain stable even in strong crosswinds. It offers a smoother and more comfortable ride for passengers while improving control for pilots.

Another significant announcement is the start of production and testing of the aircraft’s core vertical lifting fan technology. This milestone was reached thanks to the completion of the detailed design and aerodynamic analysis.

The scale prototype of the Cavorite X7 is currently undergoing a rigorous flight-testing program, with important “transition” flight tests on schedule to be completed by mid-summer where the aircraft will complete the transition from hover to full wing-borne flight – something few companies in this space have achieved. Horizon stated that the aircraft is demonstrating stability and control as expected.

“Over the past several months, Horizon has made incredible progress. I am continually amazed with the technical aptitude of our team as it clears one engineering hurdle after another. The transition flight testing program has taken significant strides forward, with the aircraft demonstrating impressive stability and control all the way from hover to approaching transition speed,” said Horizon Chairman and CEO Brandon Robinson.

Horizon’s unique hybrid eVTOL architecture sets it apart from its all-electric competitors, making the company one to keep an eye on in this space.

Learn more about the company here.

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