Hybrid-electric eVTOL (vertical take off and landing craft) developer Horizon Aircraft has secured investment in the form of a convertible note purchased by Canso Investment Counsel and affiliated companies. The note is worth an aggregate C$6.7 million (US$4.93 million).
“Canso is an experienced investor in aviation and space technology and is a champion of Canadian aerospace companies in particular,” commented Brandon Robinson, CEO and co-founder of Horizon Aircraft. (Indeed, the private Canadian portfolio management company’s namesake is the amphibious World War Two Canso aircraft; described by the firm as ‘exceptionally competent’ and ‘dependably robust’.)
Horizon Aircraft is currently developing a seven-seat, hybrid-electric vertical take off and landing aircraft called the Cavorite X7. A scale model is currently undergoing wind tunnel testing and the company hopes to fund and test a full-scale demonstrator aircraft in 2024, ultimately hoping for type certification in 2026 or 2027.
Describing the “considerable progress” made on the project to date, Nic Desjardins, portfolio manager at Canso Investment Counsel, added: “we made this investment because we believe in their leadership, the valuable proposition of their unique technology and approach to developing it”.
In August 2023, it was announced that Horizon Aircraft and special purpose acquisition company Pono Capital Three intend to merge, with the resulting combined company continuing as a wholly owned subsidiary of Pono.