Horizon Aircraft Awarded INSAT Grant to Help Fund $10.5 Million All-Weather eVTOL Project
Rhea-AI Summary
Horizon Aircraft (NASDAQ:HOVR) was awarded a non-dilutive $2.0 million INSAT grant to support Project CRYSTAL, an estimated $10.5 million program to develop an all-weather eVTOL vertical propulsion and ice-protection system in partnership with Certification Center Canada (3C) and the University of Toronto.
Phase one will characterize ice-detection and protective coatings from UofT; phase two will test viability on Horizon's hybrid eVTOL, the Cavorite X7. Horizon plans to pursue Flight Into Known Icing (FIKI) certification for the X7. Management cites projected benefits including up to 75% lower cost per kilometer versus helicopters and an asserted annual CO2e reduction of 2.6 billion pounds if X7s replace 4% of the global helicopter fleet.
Positive
- $2.0M INSAT grant awarded to Horizon
- $10.5M total project funding target for Project CRYSTAL
- FIKI certification targeted for the Cavorite X7
- University of Toronto and 3C as technical partners
Negative
- None.
News Market Reaction – HOVR
On the day this news was published, HOVR gained 5.43%, reflecting a notable positive market reaction. Argus tracked a peak move of +5.0% during that session. Our momentum scanner triggered 16 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $6M to the company's valuation, bringing the market cap to $117M at that time.
Data tracked by StockTitan Argus on the day of publication.
Project CRYSTAL aims to develop a safe, all-weather eVTOL propulsion system that can fly in conditions that most helicopters can't
TORONTO, ONTARIO / ACCESS Newswire / October 24, 2025 / New Horizon Aircraft (NASDAQ:HOVR), doing business as Horizon Aircraft ("Horizon Aircraft" or the "Company"), an advanced aerospace engineering company and developer of one the world's first hybrid eVTOL (electric Vertical Take-Off and Landing) aircraft, is thrilled to announce it has been awarded a prestigious INSAT program (The Initiative for Sustainable Aviation Technology) non-dilutive grant to help fund 'CRYSTAL', an all-weather eVTOL project in partnership with Flight Centre of Excellence (dba Certification Center Canada,"3C") and the University of Toronto ("UofT"). CRYSTAL has an estimated total expenditure of
"By supporting innovative companies like Horizon Aircraft, we are helping to strengthen Canada's global competitiveness while accelerating the transition toward a more sustainable, forward-looking aerospace industry-one that reflects the ingenuity and ambition of Canadian entrepreneurs," declared Michel Dion, CEO of Strix - the non-profit organization powering the INSAT program. Strix is dedicated to promoting innovation and collaborative research in the Canadian aerospace industry and related sectors.
Project CRYSTAL (Canadian Research Yielding SusTainable All-weather Lift system) will focus on developing and testing an all-weather vertical propulsion system for eVTOL aircraft like Horizon Aircraft's hybrid eVTOL, the Cavorite X7. The first phase of the project will focus on characterizing advanced ice detection technologies and protective technologies such as ice-phobic and electrothermal coating solutions developed by UofT. With support from 3C, the second phase will focus on testing and analyzing the viability of the technologies on the Cavorite X7.
Pictured (Left to Right): Phil Cole (VP Business Development, 3C), Brandon Robinson (Co-Founder & CEO, Horizon Aircraft), Prof. Ali Dolatabadi (Faculty of Applied Science & Engineering, UofT), Michel Dion (CEO, Strix), Denis Godin (CTO & Deputy CEO, Strix) and Jason O'Neill (COO, Horizon Aircraft)
Vice President of Business Development at 3C, Phil Cole, stated, "Project CRYSTAL is profoundly important, not only to our partners in this project at Horizon Aircraft and UofT, but potentially to any traditional fixed wing or rotary wing air vehicle, advanced air mobility vehicle and drone that wishes to operate in climactic conditions that could lead to the accretion of ice."
Most helicopters cannot operate in known icing conditions due to a risk of ice forming on rotor blades or in engine inlets, which can lead to severe vibrations, decreased stability, power failure, and loss of lift. Despite these prohibitive operating limitations, helicopters currently play an important role globally, flying critical missions such as medevac, disaster relief, and in the Defence sector. Developing an all-weather eVTOL that is safer, faster, more economical, and better for the environment, like the Cavorite X7, could provide a better solution for executing a wide range of important operations.
"Our team has calculated that if an all-weather Cavorite X7 replaces only
Phil Cole added, "We are delighted that our collaborative research project has been selected by INSAT, and look forward to this project leading to further collaboration between the partners and the development of a complete ice protection system that can be exploited across many platform types in future."
Horizon Aircraft plans to certify the Cavorite X7 for Flight Into Known Icing (FIKI), a rare certification across early concept eVTOLs and helicopters in the market.
For more information about Horizon Aircraft, please see the Company's website or watch its innovative technology in action on the Company's YouTube channel.
About the INSAT program powered by Strix
The Initiative for Sustainable Aviation Technology (INSAT) is a program dedicated to promoting innovation and sustainability in the aerospace sector. By bringing together experts from various fields, INSAT works to develop advanced technological solutions for a greener and more responsible aviation future.
This program is powered by Strix, which is a non-profit organization dedicated to promoting innovation and collaborative research in the Canadian aerospace industry and related sectors. We aim to position Canada as the global leader in aerospace innovation by fostering multi-sectoral collaboration and access to resources - driving sustainable development and integration of technologies and platforms of the future.
For further information, visit:
Website: https://strix.aero/
LinkedIn: https://www.linkedin.com/company/strix-canada/
About the Flight Test Centre of Excellence (3C)
Flight Test Centre of Excellence (3C), established by Marinvent Corporation, is Canada's only Transport Canada Approved Independent Flight Test and Certification Design Approval Organization (DAO). Serving both civilian and defence aerospace markets, 3C specializes in flight test, certification, R&D, and emerging aerospace technology innovation. With unmatched capabilities, assets, and access to intellectual property via its sister companies, 3C supports end-to-end flight testing and certification solutions to meet Canada's growing defence and civil aerospace needs.
Pour le communiqué de presse français, or to learn more about 3C and its mission, visit: www.certcentercanada.com.
About Horizon Aircraft
Horizon Aircraft (NASDAQ:HOVR) is an advanced aerospace engineering company that is developing one of the world's first hybrid eVTOL designed to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon Aircraft's unique designs put the mission first and prioritize safety, performance, and utility. Horizon Aircraft intends to successfully complete testing and certification of its Cavorite X7 eVTOL and then scale unit production to meet expected demand from regional operators, emergency service providers, and military customers.
For further information, visit:
Website www.horizonaircraft.com
LinkedIn https://www.linkedin.com/company/horizon-aircraft-inc
On behalf of New Horizon Aircraft Ltd.
Brandon Robinson
Co-Founder and CEO
For further information, contact:
Investors:
Matt Chesler, CFA
FNK IR LLC
(646) 809-2183
HOVR@fnkir.com
Media:
Edwina Frawley-Gangahar
EFG Media Relations
+44 7580 174672
edwina@efgmediarelations.com
Strix Press Contact:
Julien Caudroit
Chief Business Development and Communication Officer (CBDO/CCO) communication@strix.aero
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "aim," "future," "opportunity," "plan," "may," "should," "will," "would," "target," "will be," "will continue," "will likely result" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements herein include, but are not limited to, statements relating to the targeted readiness of the full-scale hybrid Cavorite X7 eVTOL prototype for initial testing, development priorities and technical milestones; funding and liquidity sufficiency and runway; certification and testing plans; and potential production, partnership, supply chain and market opportunities.
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Horizon Aircraft competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon Aircraft will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Horizon Aircraft's industry and market size; (v) financial condition and performance of Horizon Aircraft, including the condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon Aircraft; (vi) Horizon Aircraft's ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (vii) successful completion of testing and certification of Horizon Aircraft's Cavorite X7 eVTOL; (viii) the targeted future production of Horizon Aircraft's Cavorite X7 aircraft; and (ix) other factors detailed by us in the Company's public filings with the Securities and Exchange Commission ("SEC") and under the Company's profile on sedarplus.ca, including the disclosures under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, filed with the SEC and filed under the Company's profile on sedarplus.ca on August 22, 2025. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking statements, and while the Company may elect to update these forward-looking statements at some point in the future, it assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by applicable law. Horizon Aircraft does not give any assurance that Horizon Aircraft will achieve its expectations.
View the original press release on ACCESS Newswire
FAQ
What amount did Horizon Aircraft (HOVR) receive from INSAT for Project CRYSTAL on October 24, 2025?
How large is Project CRYSTAL’s budget and what will it fund for Horizon Aircraft (HOVR)?
Which partners are involved with Horizon Aircraft’s (HOVR) CRYSTAL project and what are their roles?
What certification is Horizon Aircraft (HOVR) pursuing for the Cavorite X7 under Project CRYSTAL?
What operational or environmental benefits does Horizon claim for the Cavorite X7 in the press release?
What are the main technical focuses of Project CRYSTAL for Horizon Aircraft (HOVR)?
