Horizon Aircraft Ltd., a hybrid electric Vertical TakeOff and Landing aircraft developer, received a strategic investment in the form of a convertible note purchased by certain accounts of Canso Investment Counsel Ltd. and affiliated companies for an aggregate $6.7 million.
“Canso has a strong history of supporting the growth of numerous businesses across Canada since its inception,” said Brandon Robinson, Chief Executive Officer and Co-Founder of Horizon Aircraft. “We are proud and humbled to have Canso as a strategic partner. Canso is an experienced investor in aviation and space technology and is a champion of Canadian aerospace companies in particular. This investment is a landmark moment for our organization and will play a major part in Horizon Aircraft’s vision of building a better future and providing long-term value for our shareholders.”
Horizon is developing its Cavorite X7 aircraft for certification after completing in spring 2023 wind tunnel transition flight testing on the Cavorite X5 prototype, at 50 per cent scale. Horizon explains its patented hybrid eVTOL concept allows the aircraft to fly 98 per cent of its mission in a very low-drag configuration like a traditional aircraft and is one of the only eVTOL aircraft currently able to do so. Horizon anticipates final assembly for flight testing in 2025.
“Horizon Aircraft’s management team give us the confidence to be able to support an innovative Canadian aerospace company that is making considerable progress with their project,” said Nic Desjardins, Portfolio Manager at Canso Investment Counsel Ltd. “We made this investment because we believe in their leadership, the value proposition of their unique technology and approach to developing it. We hope that the Cavorite program will have a resounding, positive impact on Canada’s communities and our citizens.”
As previously announced on August 15, 2023, Horizon Aircraft and Pono Capital Three Inc. executed a definitive Business Combination Agreement, in which Horizon will amalgamate with Pono Three Merger Sub Inc., a wholly owned subsidiary of Pono, with the resulting combined company continuing as a wholly owned subsidiary of Pono and will trade under NASDAQ as HOVR.