The funding round will support development of the company’s hybrid electric vertical take-off and landing aircraft.
Horizon Aircraft has raised $20 million through a share offering, bolstering its capital position. The proceeds will accelerate the development of its Cavorite X5, a hybrid electric vertical take-off and landing (eVTOL) aircraft targeting advanced air mobility markets.
The company did not disclose the number of shares issued or the offering price. Horizon previously raised $10 million in a 2022 funding round, aiming to finalize prototype testing and certification efforts.
Shares of Horizon, traded on the TSX Venture Exchange under the ticker HZN, remained unchanged in early trading following the announcement.