Astro Aerospace has entered an agreement to sell electric vertical take-off and landing (eVTOL) aircraft developer Horizon to a group of Astro shareholders.
Brandon Robinson, CEO of Horizon Aircraft, said: “This mutually beneficial transaction will allow Horizon Aircraft to accelerate development of our highly innovative Cavorite X-series eVTOL aircraft in the private sector with access to more flexible funding mechanisms.
“Retaining Astro as a key shareholder and partner moving forward represents natural progression of this programme that has seen tremendous success over this last year.”
Work continues on eVTOL prototype
Astro CEO Bruce Bent said: “Horizon’s progress has been nothing short of outstanding over the last year with several grants, a USAF contract award, and a large-scale prototype ready to fly.
“Astro is grateful to remain a strategic investor and partner as we collectively move towards building a better future.”
Horizon Aircraft is continuing with rigorous testing of its 50 per cent-scale prototype and detailed design of a full-scale prototype as it pursues the next phases of the AFWERX HSVTOL challenge that could offer up to $35 million in financing over the next three years.