Horizon Aircraft Bolsters Cavorite X7 Development with Top Propulsion Expert

Rhea-AI Summary

Horizon Aircraft (NASDAQ: HOVR) has appointed John Wyzykowski, former Head of Propulsion at Lilium, as Technical Expert to support the development of its Cavorite X7 hybrid-electric eVTOL aircraft. The appointment strengthens the company's engineering team with expertise in propulsion system design and optimization.

The Cavorite X7 is designed with an estimated gross weight of 5,500 lbs and a projected useful load of 1,500 lbs. The aircraft aims to achieve a maximum speed of 250 miles per hour and a range exceeding 500 miles with fuel reserves. It features a hybrid electric power system that can recharge its batteries during flight and in under 30 minutes post-landing.

The aircraft is being developed for applications including medical evacuation, critical supply delivery, disaster relief, military missions, and Regional Air Mobility. Notably, it's designed to fly 98% of its mission like a traditional aircraft, which the company believes will enhance safety and ease certification processes.

Positive

• Secured key technical expertise with the hiring of former Lilium Head of Propulsion
• Aircraft design features 500+ mile range and 250mph maximum speed capability
• Hybrid-electric system enables in-flight battery recharging
• Fast 30-minute ground recharging time between missions
• Multiple potential revenue streams across medical, military, and regional mobility sectors

Negative

• Product still in development phase with only 50%-scale testing ongoing
• Full-scale aircraft yet to be developed and tested
• Pending regulatory certifications and approvals

John Wyzykowski joins from Lilium, bringing significant eVTOL technical experience

TORONTO, Feb. 12, 2025 (GLOBE NEWSWIRE) -- New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), an advanced aerospace engineering company and developer of the world’s first eVTOL (electric Vertical Take-Off and Landing) that can fly most of its mission exactly like a normal aircraft, today announces that John Wyzykowski has been appointed as a Technical Expert.

Horizon Aircraft today announced that John Wyzykowski has joined the company as a Technical Expert to support the development of its propulsion systems. John is the latest in a series of new hires as Horizon Aircraft continues to bolster its engineering team with people who have proven track records in the aerospace sector. John joins from Lilium, a leading eVTOL developer, where he held the position of Head of Propulsion. With decades of experience in advanced aerospace propulsion, John will play a key role in supporting the ongoing development and optimization of the Cavorite X7, Horizon’s revolutionary hybrid-electric eVTOL.

John is a recognized expert in propulsion system design, integration, and performance optimization for next-generation aerospace platforms. His extensive background includes work on gas turbine and fully electric propulsion architectures, with a deep understanding of the unique challenges associated with eVTOL applications, including power density, thermal management, and system redundancy. His insights will be instrumental as Horizon Aircraft continues its rigorous testing and refinement of the Cavorite X7’s propulsion system.

Tom Brassington CTO of Horizon Aircraft, commented, “John’s expertise in propulsion systems is second to none. His experience in both traditional and next-generation aerospace powerplants will help us push the boundaries of hybrid-electric flight. As we advance towards commercialization, his contributions will be invaluable in ensuring that the Cavorite X7 delivers the best possible combination of efficiency, performance, and reliability.”

John Wyzykowski added, “I am thrilled to be working with the Horizon Aircraft team. The Cavorite X7 is one of the most exciting eVTOL platforms in development today, offering a truly innovative hybrid-electric propulsion system that balances power, range, and operational flexibility. I look forward to contributing my expertise to help bring this groundbreaking Canadian aircraft to market.”

Horizon Aircraft’s unique Cavorite X7 aircraft will have a gross weight of an estimated 5,500 lbs with a projected useful load of 1,500 lbs. With an estimated maximum speed of 250 miles per hour and an average range of over 500 miles with fuel reserves, Horizon believes that this experimental aircraft, if eventually licensed for commercial use, would be well-positioned to excel in medical evacuation, critical supply delivery, disaster relief, and special military missions. The Company believes that the proposed aircraft would also be attractive for Regional Air Mobility – moving people and cargo 50 to 500 miles.

Unlike many in its category, the Cavorite X7 is being designed with a hybrid electric power system. The Company is designing the Cavorite X7 such that it could, after its vertical takeoff, re-charge its batteries enroute when it is flying in a configuration like a traditional aircraft. After a vertical landing and completion of a mission, the Company is designing the Cavorite X7 to recharge its battery array in under 30 minutes to be ready for its next mission.

Horizon believes that its innovative approach and technology will allow the Cavorite X7 to fly 98% of its mission in a very low-drag configuration like a traditional aircraft. The Company believes that flying most of the time as a normal aircraft is also safer and will make the aircraft easier to certify than other radical new eVTOL designs. The Cavorite X7 will be powered by a hybrid electric system that will recharge the battery array in-flight and post-flight, while also providing significant system redundancy. The Company is continuing the testing of its 50%-scale aircraft that it believes will reduce technical risk moving forward as it continues to develop its full-scale aircraft.

About Horizon Aircraft

Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon’s unique designs put the mission first and prioritize safety, performance, and utility. Horizon hopes to successfully complete testing and certification of its Cavorite X7 eVTOL quickly and then enter the market and service a broad spectrum of early use cases. Visit www.horizonaircraft.com for more information.

Forward-Looking Statements

The information in 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. 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,” “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 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 competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the ability of the parties to recognize the benefits of the business combination agreement and the business combination; (iv) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (v) statements regarding Horizon’s industry and market size; (vi) financial condition and performance of Horizon, including the anticipated benefits, the implied enterprise value, the expected financial impacts of the business combination, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon; (vii) Horizon’s ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (viii) successful completion of testing and certification of Horizon’s Cavorite X7 eVTOL; (ix) the targeted future production of Horizon’s Cavorite X7 aircraft; and (x) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the Proxy Statement and other documents to be filed by New Horizon from time to time with the SEC. 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 Horizon may elect to update these forward-looking statements at some point in the future, they assume 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 does not give any assurance that Horizon will achieve its expectations.

Contacts
Horizon Aircraft Inquiries (PR):
Phil Anderson
Phone: +44 (0)7767 491 519
Phil@perceptiona.com

Investor Contacts:
Shannon Devine and Rory Rumore
MZ Group
Phone: (203) 741-8841
HorizonAircraft@mzgroup.us

FAQ

What are the key specifications of Horizon Aircraft's Cavorite X7 eVTOL (HOVR)?

The Cavorite X7 has an estimated gross weight of 5,500 lbs, useful load of 1,500 lbs, maximum speed of 250 mph, and range over 500 miles with fuel reserves.

How does the Cavorite X7's hybrid-electric charging system work?

The system recharges batteries during flight when operating like a traditional aircraft and can complete a full recharge in under 30 minutes after landing.

What are the intended commercial applications for Horizon Aircraft's Cavorite X7?

The aircraft is designed for medical evacuation, critical supply delivery, disaster relief, special military missions, and Regional Air Mobility (50-500 mile transport).

What makes Horizon Aircraft's HOVR eVTOL different from competitors?

The Cavorite X7 operates like a traditional aircraft for 98% of its mission, which the company believes makes it safer and easier to certify than other eVTOL designs.

Who is the latest key hire at Horizon Aircraft (HOVR)?

John Wyzykowski, former Head of Propulsion at Lilium, has joined as Technical Expert to support propulsion system development.