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Morgan Stanley research expects eVTOL industry growth to reach $1.0 trillion by 2040, $9 trillion by 2050
Dallas, June 10, 2021 (GLOBE NEWSWIRE) -- Astro Aerospace (OTCQB: ASDN) ("Astro" or the "Company"), a developer of eVTOL aerial vehicles and drones, and Horizon Aircraft ("Horizon"), a developer of advanced hybrid electric Vertical Takeoff and Landing (eVTOL) aircraft, today announced the completion of their 1:6 scale eVTOL prototype testing program, culminating in hundreds of test flights over multiple aircraft. The Company is now shifting focus to production of their 1:2 scale prototype that is already under development and are targeting Q1 2022 to begin test flying. This milestone positions the Company to launch its next phase of scale prototype production, with Astro on schedule to complete its first full-sized aircraft by Q1 2024.
The primary objective for the 1:2 scale eVTOL prototype’s test flights will be to verify aerodynamics, control systems and transitional flight. Key amongst those systems is the Cavorite X5’s patented wing system that allows it to fly a portion of its route like a normal aircraft. This innovative vertical wing system rotates to reveal a series ducted fans allowing the aircraft to takeoff and land vertically. The wings close after upon minimum forward speed, maximizing the aircraft’s aerodynamic efficiency, safety, and operational flexibility.
The full-scale Cavorite X5, which is expected to travel up to an estimated 450 km/h with a 500-kilometre range, is designed for reduced hydrocarbon emissions, poor weather, traffic avoidance, and operational flexibility. The aircraft targets Urban Air Mobility in addition to long range, Regional Air Mobility sector which is an underserved by eVTOL competitors and one in which Astro expects the first revenue generating operations to occur. Additionally, with eVTOL capability combined with high forward speed the Cavorite X5 will be ideally suited for medevac, disaster relief, cargo delivery, and other special missions.
Astro’s existing Alta and Elroy programs, combined with Horizon’s newly added Cavorite X5 is expected to better position the Company to pursue its commercialization approach through a horizontally integrated product offering that span from short range pure electric Urban Air Mobility (UAM) to longer range hybrid electric Regional Air Mobility (RAM) missions.
About Astro Aerospace
Astro Aerospace is the developer of an advanced, autonomous, short haul, eVTOL (Electric Vertical Take-off and Landing) aerial vehicles. Our mission is to make self-flying unmanned and manned vehicles available to anyone, at any time, from anywhere, bringing a new and exciting aircraft into a mainstream mode of transportation.
Our vision is “Flight Made Easy”.
Visit www.flyastro.com for more information.
About Horizon Aircraft Inc.
Horizon Aircraft is an advanced aerospace engineering company that has developed the world’s first eVTOL that can fly most of its mission in a configuration like a normal aircraft while offering industry-leading speed, range, and operational utility. Our unique designs place the mission first and prioritize safety, performance, and utility. Our Cavorite X5 eVTOL is designed to enter the market quickly and service a broad spectrum of early use-cases.
Visit www.horizonaircraft.com for more information.
All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "may," "might," "will," "will likely result," "would," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company's reliance on one key customer for a substantial percentage of its revenue; the Company's ability to consummate any proposed financing, acquisition or transaction, the timing of the closing of such proposed event, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all, or that the closing of any proposed financing, acquisition or transaction will not occur or whether any such event will enhance shareholder value; the Company's ability to continue as a going concern; the Company's ability to attract, maintain and increase the number of its customers; the Company's ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy; management's relationships with industry stakeholders; the effects of the global Covid-19 pandemic; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company's subsidiaries; and other risks, uncertainties and factors. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
For Astro Aerospace