Horizon Aircraft announces signing of “definitive agreement to go public” via business combination with Nasdaq-listed Pono Capital Three
Ontario-based VTOL company, Horizon Aircraft, announced this week a proposed business merging with Special Purpose Acquisition Company (SPAC) and Nasdaq-listed, Pono Capital Three, reports a press release. The aim is to change the Pono name to Horizon Aircraft Ltd. The SPAC will help promote the expansion of Horizon’s business to better position itself as a leading player in the e/VTOL industry.
Brandon Robinson, CEO of Horizon Aircraft, commented, “Our hybrid electric Cavorite VTOL X7 is based on patented ducted fan-in-wing technology that allows our aircraft to fly faster, farther, and carry more payload than many of our competitors.”
He continued, “We have received significant interest for its use in a broad number of mission specific tasks such as emergency medical services, aerial firefighting, disaster relief, and various military special operations.”
Horizon’s technology has already received funding support from the U.S. Department of Defense as well as various Canadian grants, alongside the Canadian government recently pledging USD350 million to support the country’s sustainable aviation industry.

Brandon Robinson
The Cavorite X7 is the next step up from Horizon’s first incarnation, the X5, designed to carry one pilot and four passengers. The eventual production aircraft will be capable of short-take off and landing, needing only “a couple hundred feet” of space. It will feature a fan-in-wing design; be able to cruise at 370km/h; with a range of 926km; and a 680kg payload capacity. The craft is designed to recharge its batteries mid-flight, allowing for quick turn-a-round times.
The company envisions that the Cavorite X7 initially will be used for special missions such as hauling cargo, medivac operations and fire-fighting applications, such as guiding water bombers to drop locations. Eventually, operations could be expanded to regional passenger transport.
Robinson told flightglobal.com at the June Paris Airshow, “There is only enough battery power on board to enable the vertical take-off, and the rest of the time it is a normal airplane burning sustainable aviation fuel or kerosene jet fuel, which is 20 times more energy-dense than even the best batteries.”
Davin Kazama, CEO of Pono, remarked, “Horizon Aircraft’s hybrid electric eVTOL flies 98 percent of its mission exactly like a normal aircraft and can recharge itself during flight or after its mission. This should simplify the certification process.” Adding, “We are excited to be part of building a better future.”
The release explains, “The SPAC values Horizon Aircraft at USD96 million, which is expected to result in a combined pro-forma equity value of approximately USD216 million before expenses, assuming no redemptions in the Business Combination. A Forward Purchase Agreement with Meteora Capital will be utilised in this transaction.”
It continues, “The cash proceeds raised in the transaction, after any redemptions and payment of transaction expenses, are anticipated to be used for the further development of the Cavorite X7.”

The boards of directors from both Horizon Aircraft and Pono have unanimously approved the business combination agreement and the proposed transactions. It is currently expected the transaction will close in the fourth quarter of 2023 or the first quarter of 2024.
There has not been an e/VTOL SPAC for some period of time. Previous examples include Lilium, Vertical Aerospace, Archer and Joby. This form of business merger remains controversial and is deemed risky for public shareholders, as their investment does not generally fair well in the short to medium term.
For more information
https://www.horizonaircraft.com
(Images: Horizon Aircraft)