Hybrid eVTOL developer Horizon Aircraft has entered into a Letter of Intent (LoI) with JetSetGo, a regional air operator in India.
Under the LoI, JetSetGo will purchase 50 Cavorite X7 eVTOL aircraft at $5 million per aircraft for a total of $250 million, with an option to acquire an additional 50 aircraft for a total of $500 million.
Brandon Robinson, Chief Executive Officer of Horizon, said; “We are truly honored by this commitment from JetSetGo, a leading private aviation operator with a shared vision of a 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.”
Kanika Tekriwal, JetSetGo’s CEO and co-founder, added; “Our decision to enter into this Agreement with Horizon Aircraft 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.”