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Thursday, April 18, 2024
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HomeNewsLindsay's Horizon Aircraft Flying High With $1 Million Investment

Lindsay’s Horizon Aircraft Flying High With $1 Million Investment

KAWARTHA LAKES-Kawartha Lakes Community Futures Development Corp. (KLCFDC) and Kawartha Lakes Business Community Development Corp. (KLBCDC) recently announced an investment of $1Million in Horizon Aircraft to scale their innovative aviation technologies.

Brandon Robinson, CEO, Horizon Aircraft stated, “Our prototype hybrid electric-powered VTOL concept is unique in the aerospace market. There is no other aircraft in its class like ours, and its core technical achievements are protected by a growing list of innovative patents. Our machine is ideally suited for the disruptive emerging air mobility market, and we are excited about its ability to connect Canada with a more efficient way of moving people and goods.”

Robinson continued: “I think the KLCFDC and Community Futures Program is an invaluable piece of the local economy. The KLCFDC vision, leadership and execution of a plan to help entrepreneurs build companies is simply outstanding. It is driving outsized economic growth in the local area and inspiring a new generation to build a better future. The CF Program is a viable option for companies that may need funding options outside of traditional lending institutions.”

This investment consisted of term financing from the KLCFDC, a convertible note from the KLBCDC Innovation Fund, and was part of a larger investment round raised by Horizon.

KLCFDC is one of 36 Community Futures Development Corporations supported by a nearly $40-million investment from the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). As part of the Community Futures Program, the funding provides targeted support to grow regional economies.

“Horizon Aircraft’s innovative Electric Vertical Take-Off and Landing aircraft is a fantastic example of Canadian excellence. The investment from the Government of Canada is empowering rural communities to develop leading-edge technologies and green solutions for our carbon-neutral future. Our government is supporting businesses that create jobs in the Kawartha Lakes region and across Southern Ontario. said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario.

Housed at the Kawartha Lakes Municipal Airport, Horizon Aircraft is the leading Canadian designer and manufacturer of a next generation Electric Vertical Take-Off and Landing (EVTOL) aircraft. Its proprietary aviation technology design is called the CAVORITE X5. The aircraft features both a hybrid gas/electric power and a patented, fan-in-wing propulsion system that enables VTOL. It can take off and land like a helicopter, but sliding covers enable it to fly at high speeds like a fixed-wing aircraft. The emerging EVTOL sector will revolutionize regional transportation, remote and northern community access, medical transportation, and emergency response services.

Officials say Horizon initially approached the KLCFDC team for strategic advice as part of their core service offering on how to best attract the funding necessary for Horizon to achieve its next major technical and business milestones. Ultimately KLCFDC and its affiliate company KLBCDC decided to provide working capital alongside other key investors in a bridge finance round.

KLCFDC Executive Director Vince Killen stated, “This funding comes at a critical time for Horizon Aircraft as the company scales the development of its innovative electric Vertical Takeoff and Landing (eVTOL) aircraft. By investing in innovation capital and providing strategic advice, our team at KLCFDC and KLBCDC is building confidence and accelerating timelines for visionary projects and new ventures that will define our future. This is our commitment to support entrepreneurs and leadership at the technological forefront of new, clean technologies and maximizing their economic impact of their efforts on our local, regional and national economies.”

Horizon Aircraft currently employs twelve (12) highly technical people, and the company is planning to double this headcount in one (1) year as it works on the development of a full-scale, prototype aircraft. Horizon Aircraft is excited to employ some extremely talented local people and is excited for the future.

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