Poised to become the next disruption in aerospace, the electric vertical take-off and landing (eVTOL) industry is experiencing tremendous growth and interest by manufacturing giants and start-ups—prioritizing extensive research and development in this burgeoning industry.
Standing at the forefront of innovation, Astro Aerospace (Astro) is a leading developer of the world’s eVTOL aerial vehicles and drones with a vision of building “the safest, most reliable, and efficient autonomous eVTOL vehicles for the world market.” Astro is the only public pure play company in the world that has functional technology in a working, full-scale prototype.
Pioneers in the aerospace industry, Astro Aerospace is the eVTOL manufacturer to watch out for in 2023. Here are some reasons why:
Astro Aerospace Acquisition of Horizon Aircraft Inc.
Reinforcing their position as leaders in the global race for Urban Air Mobility (UAM), Astro Aerospace (OTCQB:ASDN) announced on February 18, 2023, that they have entered into a binding agreement to acquire the Canadian company, Horizon Aircraft Inc. (Horizon), leaders in the global aerospace industry building the next generation of eVTOL aircraft.
Horizon has developed the world’s first eVTOL that can fly the 98% of its mission exactly like a normal aircraft, the Cavorite X5. Together, some of the most revolutionary minds, applying their expertise in mechanical engineering offer a chance to “reclaim control over our time, well-being, and impact on the environment.” Astro’s acquisition of Horizon will only further accelerate their efforts to bring eVTOL designs quicker to the market.
Leading in Key Technologies and Capabilities
A global leader in eVTOL aerial vehicles and drones, Astro’s success is guaranteed by their state-of-the-art technology and innovative design solutions.
Contributing to the success of one of the market’s safest, environmentally friendly, and efficient eVTOLs in the world, “Elroy”, was one of the first to fly with humans on board. Equipped with an industry-leading touch screen control system, Elroy can transport 2 passengers and is designed to run quietly and completely emission-free. 16 individual rotors, fibre optic technology, and a full carbon body and sleek design ensure optimal performance and safety.
Since the first successful flight test of Elroy in 2018, the company announced new patented designs and prototypes for aircrafts Astro Alta and Horizon Cavorite X5, with multi-use applications including passenger, cargo, agriculture, med-evac, rescue, military, among others.
Horizon developed eVTOL prototype Cavorite X5. The eVTOL has a five-seat capacity and its patented fan-in-wing design allows it to fly the majority of its mission exactly like a normal aircraft. Cavorite X5 can travel up to an estimated speed of 450 km/h with a 500-kilometer range. Jointly, over 200 test flights have already been successfully completed on the prototype of the Cavorite X5.
Anticipated Exponential Growth
The eVTOL aircraft market is seeing exponential growth and expected to surpass $1 trillion in the next decade. A more bullish forecast places the market at 2.9 trillion. The market for eVTOLs is also projected to have a significant upward shift in the global economy and market shares in the coming years.
On February 17, 2023, Astro appointed Kingswood Capital Markets, a global full-service middle-market investment bank, to become a NASDAQ-listed company. The uplisting will help speed up and facilitate Astro’s access to a bigger capital market and influential investors, fostering further partnerships in this growing industry. It will further boost Astro’s vision of eco-friendly and more efficient drone transportation.
Experience and Innovation
Astro continues to remain on top in terms of innovation, currently producing the lightest eVTOLs on the market. Under the leadership of Astro’s CEO Bruce Bent and Horizon’s co-founders, Brian and Brandon Robinson, their combined expertise, experience, and strong foundations in the UAM industry have allowed them to remain leaders in the eVTOL industry. Collectively, the merged teams will bring with them almost a century’s worth of experience building aircrafts. As co-founder of Horizon declared himself “We have access to their engineering capabilities because they [Astro] were one of the first companies to jump into this market, their access to capital and so now we’re well funded and we’ll continue to be well funded so we can make some serious progress, and together it’s a pretty powerhouse team.