Horizon Aircraft Enters Into Letter Of Intent To Purchase $250M Of Cavorite X7 Aircraft, With An Option For Up To $500M
Portfolio Pulse from Benzinga Newsdesk
Horizon Aircraft Ltd. (NASDAQ:HOVR) has signed an LOI with JetSetGo for the purchase of up to 100 Cavorite X7 eVTOL aircraft, potentially worth $500M. The initial commitment is for 50 aircraft at $5M each, totaling $250M. The Cavorite X7 is a hybrid electric aircraft designed for challenging operations without the need for charging infrastructure. This deal aligns with JetSetGo's vision for sustainable and efficient regional travel in India and potentially other global markets.
January 16, 2024 | 1:24 pm
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POSITIVE IMPACT
Horizon Aircraft's LOI with JetSetGo for the sale of up to 100 Cavorite X7 eVTOL aircraft represents a substantial revenue opportunity, potentially totaling $500M. The deal reflects confidence in Horizon's product and its market potential in India's sustainable air travel sector.
The LOI for a significant number of aircraft at a high unit price indicates strong market demand and potential revenue growth for Horizon Aircraft. This news is likely to be viewed positively by investors, as it not only validates the company's product but also opens up new market opportunities. The deal's focus on sustainability aligns with current industry trends, which could further enhance investor sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100