Astro Aerospace has closed the acquisition agreement with eVTOL aircraft developer Horizon Aircraft and appointed Horizon’s co-founder and CEO Brandon Robinson as its president.
The acquisition will enable Astro Aerospace to provide a complete product offering across both commercial and industrial applications, with Astro three eVTOL models under development – Alta, Elroy and Horizon’s Cavorite X5. The Astro product line includes single passenger, piloted multiple passenger, and cargo aircraft designs.
Horizon acquired private funding to build its Cavorite X5 prototype, which will now be continued by Astro through a committed investment. The 1:2 model will be built at Horizon’s production facility in Lindsay, Ontario and is expected to be completed by Q1 2022. A full-scale, certified prototype of the Cavorite X5 is expected by the end of 2024.
Robinson said: “This completed Acquisition is a huge opportunity for both companies’ eVTOL projects to progress exponentially. Astro’s respected industry reputation and available funding, together with Horizon’s engineering and design talent, will complement Astro’s existing product lines, ALTA and ELROY, and will accelerate the development of Horizon’s revolutionary eVTOL, the Cavorite X5.”
The Cavorite X5 is the world’s first eVTOL to fly the majority of its mission as a normal aircraft. The hybrid-electric aircraft carries four passengers plus one pilot, and is built for operational realities such as inclement weather, traffic avoidance and low-time pilots.
It travels up to 500 kilometers at a speed of 450 km/h and Horizon says it offers significant advantages over current conventional aircraft, including increased safety, lower operating costs, reduced noise footprint and lower carbon emissions. An existing sub-scale prototype has completed more than 200 test flights.
As well as Robinson being appointed as president, Patricia Trompeter, who is currently a member of Astro’s Board of Directors, will take on the role of chief executive officer. Bruce Bent will assume the role executive chairman to assist in implementing the company’s business plan which has been developed over the past two years.
Trompeter brings more than 16 years of experience in mergers and acquisitions and 15 years in financial management experience to the position. After graduating from Marquette University’s Business Administration program with a major in Finance and Economics, Trompeter spent a large portion of her career holding a variety of executive positions at GE Capital including CFO, Controller, Operations Leader, Quality Leader, and Mergers & Acquisitions.
During her career at GE Capital, Trompeter participated in more than $17 billion in acquisitions and transactions, earning her a reputation of professional excellence. After leaving GE Capital, she focused on non-profit ventures and family before co-founding an independent investment and advisory firm growing innovative technologies in emerging markets.
Trompeter said: “Bruce has been an industry pioneer and driving force behind Astro’s success, which has progressed the Company’s vision into tangible milestones. I am excited to be working with Brandon, who possesses the ability to develop aerial solutions with the perfect balance of analytical and creative.
“Their combined expertise will help me guide Astro through this transformative chapter as the Company merges product lines, implements Astro’s strategic vision and begins the NASDAQ uplist process.”