India-based regional air operator JetSetGo is to purchase 50 Cavorite X7 aircraft from Horizon Aircraft at a purchase price of up to $5 million per aircraft, for a total aggregate consideration of $250 million, and with an option to purchase an additional 50 aircraft for a total possible consideration of $500 million.

CEO Brandon Robinson says: "We are truly honoured by this commitment from JetSetGo, a leading private aviation operator with a shared vision of more sustainable and efficient on demand regional travel. We are confident that our Cavorite X7 eVTOL will operate sustainably and profitably across India as well as many other global locations. As a hybrid electric aircraft, there is no need to install expensive charging support equipment across the travel network; it is a machine designed for challenging, real-world operations."

JetSetGo CEO and co-founder Kanika Tekriwal adds: "Our decision to enter into this agreement with Horizon was not taken lightly. We ultimately decided to partner with a company with a deep operational and aerospace technology background that will deliver a product that will help usher in a new era of sustainable air travel while also providing significant value for our customers. This partnership will help JetSetGo profitably enter new markets by leveraging the versatility of the Cavorite platform to bring about the vision of advanced air mobility in India."