By Gerelyn Terzo, Benzinga

The future has arrived, thanks to electric Vertical Take-Off and Landing (eVTOL) aircraft. eVTOLs are aircraft that launch vertically, similar to a helicopter, rather than a conventional takeoff. Hybrid-electric eVTOL designs have the potential to enable greater speed, range and cargo capacity than fully electric versions and could play an important role in the future of aviation.

While eVTOL is still in its early days, with the industry currently in the testing phase, its value is predicted to surpass $30 billion by the next decade amid a CAGR of 15.3% since last year. And while Tesla (NASDAQ: TSLA) is playing a key role with electric vehicles, New Horizon Aircraft (NASDAQ: HOVR) hopes to take on a leadership position in the eVTOL aircraft market segment.

Toronto-based New Horizon says it has been an early mover in eVTOL technology with its Cavorite X7 prototype aircraft, a hybrid model built for real-world use cases. Its aircraft takes off vertically, true to eVTOL form. However, once in flight, it reverts to the configuration of a conventional airplane, owing to the company’s patented HOVR wing system.

The Cavorite X7 is built to reach speeds of 250 miles per hour, with a fuel capacity of more than 500 miles, making it appropriate for real-world applications like travel when the time comes. Learn more about New Horizon Aircraft’s technology here.

Led by a team of operators, aviators and aerospace engineers, New Horizon has been going full throttle of late as it prepares to fully transition its large-scale prototype aircraft by the end of this year.

Chief among New Horizon’s priorities is advancing the development of its hybrid-powered eVTOL aircraft. The company has been making strides from a technical standpoint while also building out its team internally.

Flight test program: Among the technical highlights, New Horizon has published results on its flight test program, which it says are surpassing its expectations. The company has performed hundreds of flight tests and is nearing full transition speed, which it anticipates achieving by year-end.

Full-scale aircraft development: New Horizon says it is innovating the proprietary patent technologies that are critical to its unique aircraft, including full-scale propulsion units that are essential to its HOVR wing technology. Cooling system and power tests for its full-scale propulsion units continue to unfold and it says the outcomes are positive so far. Encouraging test results extend to the company’s Cavorite X7’s patented HOVR wing design, which the company says enables safer, more durable performance even in the most forbidding conditions.

Digital twin development: New Horizon harnesses a hardware-in-the-loop (HITL) digital twin technology to test its aircraft, supporting the rapid testing of large-scale prototype aircraft like the Cavorite X7. Its hybrid technology is fueled by its HOVR wing technology, allowing the aircraft to fly nearly all of its missions in a formation that closely resembles that of a conventional aircraft. Meanwhile, the company says the hybrid power system delivers greater range, speed and payloads in its class.

When the Cavorite X7 reaches commercialization, New Horizon expects it to have the power to disrupt the travel industry with its speed, efficiency and cost savings over traditional aircraft. However, its potential use cases also extend to medical evacuation, critical supply delivery, disaster relief and special military missions.

“Our unique, customer-first approach prioritizes building a tough eVTOL aircraft that can operate in bad weather, icing conditions and other challenging operational environments. This strategy is gaining strong traction with operators, driving substantial demand,” said Horizon Aircraft CEO Brandon Robinson.

To keep pace with this ongoing innovation, New Horizon recently expanded its team with the addition of seasoned engineer Tom Brassington as Chief Technology Officer.

Earlier this year, New Horizon made its debut in the publicly traded markets amid a business combination with special purpose acquisition company (SPAC) Pono Capital Three. Most recently, New Horizon returned to the equity capital markets with a $2.9 million public offering. The deal, the closing for which was announced in August, comprised 2.8 million Class A ordinary shares with various types of warrants.

New Horizon’s timing is no coincidence, as the company says it could be poised to benefit from an expected ongoing rotation in the equity markets into small cap stocks. While small cap stocks have been gaining attention of late, New Horizon took matters into its own hands. It commissioned its own global poll of investment managers to uncover evidence of investor demand for small- and micro-cap names working with more sustainable technologies, where the upside potential is considered greater than larger companies because they are coming from a lower base.

The aerospace company says it found that investor demand is in fact there, with more than three-quarters of survey participants demonstrating an expectation for exposure to these asset classes among institutional investors to increase in the next six to twelve months. Slightly more than one-third (34%) of them say allocations to these stocks could increase by at least 25%.

Investors who are interested in participating in New Horizon’s growth story can learn more about this company’s financials here.

Read more about New Horizon Aircraft:

Pilotless Planes Are Coming, But Not Just Yet, Says New Horizon Aircraft CEO

On The Horizon: How One Company Plans To Use Its Innovative Aircraft Design To Revolutionize Regional Air Travel

From Stage To Stage: How New Horizon Aircraft's eVTOLs Could Simplify Tour Logistics For Taylor Swift Sustainably

Featured photo by ELG21 on Pixabay

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

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