Horizon Breaks Free from Astro To Step Up Work on Cavorite eVTOL Aircraft
Astro Aerospace acquired Horizon in June 2021 but was not able to proceed with a planned Nasdaq market listing.
The founders of Astro Aerospace first flew this "passenger drone" eVTOL in mid-2017 before looking to sell it.
Astro Aerospace bought the project in May 2018 and named it AA360, later renaming it Elroy before unveiling a range of improvements including making it foldable so it can fit in the average garage.
With 16 rotors supporting a composite body and two occupants, touchscreen controls are used rather than manual controls, ELROY is designed to be a low-noise/zero emissions, easy-to-operate craft flying 20-25 minutes at around 60mp
On June 3, 2021, Astro Aerospace acquired Horizon Aircraft. The merged operation will develop Horizon’s Cavorite X5 aircraft in addition to Astro Aerospace’s Elroy and Alta models.
Our objective assessment of this program’s probable success.
FutureFlight assesses the probability of success for a new aircraft program by considering the following criteria:
Given the announcement of a range of improvements, this program seems to moving towards a point where it can be produced and sold but little is known about the extent of financial backing and requirements for certification at this stage.
An investment backed by Lockheed Martin Ventures also included support from Marlinspike Capital and Prosperity7 Ventures, in addition to existing backers including Catapult Ventures, Diamond Stream Partners, Side X Side Management, Shield Capital Partners, and Precursor Ventures.