Robinson Aircraft, a Canada-based company doing business as Horizon Aircraft, is in the process of merging with special purpose acquisition company Pono Capital Three through a transaction values that values the developer at $96 million. The deal should close towards the end of this year or during the first quarter of 2024, and net cash proceeds raised will be used for the further development of the Cavorite X7 and for general company operating purposes.
Robinson will amalgamate with Pono Three Merger Sub, a wholly owned subsidiary of Pono, with the resulting combined company continuing as a wholly owned subsidiary of Pono. Pono will likely redomesticate as a British Columbia company and change its name to Horizon Aircraft.
“Our unique hybrid eVTOL concept is based on patented ducted fan-in-wing technology that allows our aircraft to fly faster and farther, and carry more payload, than many of our competitors,” says Horizon CEO Brandon Robinson. “We designed the X7 with safety, durability and operational versatility in mind. The combination of high performance, a tough design and positive economics has resonated with potential customers. 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 Aircraft's hybrid eVTOL flies 98 per cent of its mission exactly like a normal aircraft and can recharge itself during flight or after its mission,” adds Pono CEO Davin Kazama. “In addition to obvious performance and safety benefits, this should also simplify the certification process. Ultimately this aircraft will help to redefine the way people and goods are moved at the regional scale, and we are excited to be part of building a better future with Horizon Aircraft.”
Horizon has already received funding support from the US Department of Defense and numerous Canadian grants. The Canadian government recently pledged $350m to support the country's sustainable aviation industry.