Astro Aerospace has entered into a binding agreement to acquire Horizon Aircraft – the Canadian company which is currently developing its Cavorite X5 eVTOL.
The transaction is expected to close on or before the start of Q2 2021 pending customary closing conditions. In a press release, Astro has said the acquisition ‘will only push the company further, with the ability to reach greater heights working in tandem with Horizon’s exceptional team’.
Astro CEO Bruce Bent, said: “The acquisition of Horizon will allow the visions of both Horizon and Astro to align, creating a powerful force in the eVTOL market. Astro shareholders can soon anticipate exponential growth as we enter this next chapter as an even greater player in the aerospace industry.”
In 2018, Astro was, at the time, one of the first electric aircraft developers to successfully fly a piloted eVTOL aircraft, which was named ‘Elroy’. In the same year, it bought PassengerDrone, which was the brainchild of Boyan Zhelev and Ivaylo Nikolov and conducted its first manned flight in September 2017 in Bulgaria.
