New Horizon Aircraft Ltd.

New Horizon Aircraft Ltd.

Overview

New Horizon Aircraft Ltd. (formerly Pono Capital Three, Inc.) is a British Columbia–based advanced aerospace OEM developing a next-generation hybrid-electric vertical takeoff and landing (eVTOL) aircraft for the Regional Air Mobility (RAM) market. Its primary product is the Cavorite X7, a seven-seat hybrid eVTOL designed for civilian and military regional missions (50–500 miles).

Technology and aircraft concept

• Aircraft: Cavorite X7 — 7 seats (6 passengers + 1 pilot).
• Wing and lift system: proprietary Ducted Fan-in-Wing "HOVR Wing" with canards that provide vertical lift. Fans are enclosed in the wing and concealed during forward flight.
• Power architecture: hybrid-electric system combining an on-board generator (internal combustion engine) with a battery array. Batteries can be recharged in flight.
• Flight modes: multiple ducted fans for VTOL; transitions to a conventional airplane-like configuration en route for efficiency. Capable of STOL/CTOL operations.

Performance and safety

• Target speeds: dash cruise ≥250 knots (≈288 mph); enroute speeds >200 knots.
• Payload: approximately 1,500 lb in VTOL mode; potentially 1,800 lb in STOL/CTOL.
• Range: over 500 miles with reserves.
• Safety features: ability to hover with more than 20% of fans disabled; individually contained fans; dual power sources for lift; multiple landing/flight mode options.

Certification and regulatory pathway

• Primary certification target: Type Certification with Transport Canada Civil Aviation (TCCA) under CAR regulations.
• Parallel discussions underway with the FAA for U.S. certification; EASA engagement discussed as a market pathway.
• The company anticipates pursuing Production Certification and an Air Operator Certificate (AOC) in support of commercial operations, with Type Certification targeted before 2030.

Market and commercial strategy

• Target market: Regional Air Mobility for passenger and cargo transport (50–500 miles), including medical evacuation, remote resupply, disaster relief, and military missions.
• Business model: sales of aircraft to third-party air carriers and potential licensing of HOVR Wing technology to generate additional revenue.
• Market context: strategy references industry RAM and eVTOL adoption projections and relevant RAM ecosystem initiatives.

Intellectual property

• Patent portfolio: 31 issued or allowed patents, including U.S. non-provisional utility patents and design patents.
• IP coverage: HOVR Wing and ducted-fan/wing concepts, hybrid-electric propulsion, cooling and electrical control systems, software/hardware control, and digital twin technologies.

Development status and manufacturing plans

• Prototypes: completed a 1/7-scale prototype and a 50%-scale prototype; the 50%-scale vehicle completed hover testing and transitioned to forward flight.
• Full-scale demonstrator: in development and sized for seven occupants; performance estimates updated from sub-scale testing.
• Manufacturing and facilities: plans to expand manufacturing near Toronto. Current facilities include corporate offices and a hangar in Lindsay, manufacturing space in Haliburton, and office space in Ottawa.
• Certification/testing partners: engaged Cert Centre Canada (3C) to support TCCA certification activities.

Financials and funding

• R&D expenses: CAD 13.2 million in fiscal 2026; CAD 3.7 million in 2025.
• Grants and government support: including INSAT and other Canadian government funding opportunities, with grants cited in excess of CAD 12 million.
• Corporate and financing context: SPAC-origin structure, a 2023 IPO, and a public-market framework for equity and warrants. The company anticipates ongoing equity and financing needs and substantial capital expenditure ahead of commercial revenue.

People and facilities

• Headcount: 58 employees as of July 16, 2026 (56 in Canada, 2 outside Canada).
• Leadership and team: experienced aerospace professionals; the CEO is a former CF-18 fighter pilot and holds a commercial ATP license.
• Facilities: offices and hangar in Lindsay, Ontario; light manufacturing in Haliburton, Ontario; additional office space in Ottawa.

Key takeaways

• New Horizon is developing the Cavorite X7, a seven-seat hybrid eVTOL built around the HOVR Wing ducted fan-in-wing concept for regional missions.
• The design emphasizes transition from vertical lift to airplane-like cruise for higher enroute efficiency while incorporating multiple safety redundancies.
• The program is in a pre-commercial phase with sub-scale prototype testing complete and a full-scale demonstrator in progress, targeting Type Certification in the 2029–2030 window.