Indian private aviation group JetSetGo plans to reshape its fleet for the emerging advanced air mobility sector with up to 100 of Horizon Aircraft’s in-development Cavorite X7 eVTOLs. On January 16, the Delhi-based company signed a memorandum of understanding provisionally committing to purchase 50 of the six-passenger X7, with options for another 50.
Toronto-based Horizon reported the purchase price for each of the hybrid-electric aircraft as $5 million. On this basis, the transaction would be valued at between $250 million and $500 million.
On January 15, Horizon completed its business combination with special purpose acquisition company Pono Capital Three. The following day, the combined company started trading on New York’s Nasdaq stock exchange under the ticker symbols HOVR and HOVRW.
According to Horizon CEO and chairman Brandon Robinson, the initial public offering raised around $9 million, with a share purchase agreement that could add another $16 million for a total of $25 million. He told AIN that this capital will support the development of a full-scale technology demonstrator over the next two to three years.
In August 2023, Horizon unveiled plans for the X7 as a larger version of its early Cavorite X5 design. The company said that early work on the program established that the useful load could be increased to 1,500 pounds, allowing it to carry a sixth passenger as well as a pilot.
The Cavorite X7 features a patented fan-in-wing design and is expected to have a range of 500 miles at speeds of 240 knots. Horizon has already flown a half-scale demonstrator vehicle and has conducted hover testing and wind tunnel evaluations to explore transition speeds of around 50 mph.
JetSetGo was founded in 2014 and provides on-demand charter flights as well as aircraft management, membership packages, maintenance, and aviation consultancy. The company’s fleet consists of five Hawker 750 and 800XP jets as well as a mix of six other models including the Cessna Citation 525, Bombardier’s Challenger 604 and 850 and Global 6000, Dassault’s Falcon 2000, and a 37-seat Embraer ERJ-135LR airliner.