New Horizon Aircraft Ltd. (NASDAQ: HOVR) has signed a Letter of Intent with V-Star Powered Lift Aviation Pty Ltd., an Adelaide-based aircraft operator, for the purchase of five Cavorite X7 hybrid-electric vertical takeoff and landing aircraft, with options to purchase up to an additional 95 aircraft, according to a press release issued July 21, 2026.

The deal, valued at up to $600 million for 100 aircraft, includes V-Star's commitment to secure delivery slots for the initial five aircraft with a firm deposit upon execution of a definitive agreement. V-Star specializes in emergency services, search and rescue, aeromedical operations, and regional transport across Australia and the broader Oceania and Southeast Asia region.

V-Star CEO Tony Laws said in the statement, "Flying at nearly twice the speed of helicopters, the addition of Cavorite X7s to our fleet will be a critical advantage to help people in need when minutes matter."

Horizon Aircraft Co-Founder and CEO Brandon Robinson said, "V-Star's intentions of moving to a firm order to deploy Cavorite X7s for time-critical missions makes this LOI significant."

The Cavorite X7 is a hybrid-electric VTOL aircraft currently in development. Horizon Aircraft has not yet completed testing and certification of a full-scale aircraft. The company states it intends to scale production following successful certification, targeting regional aircraft operators, emergency service providers, and military customers.

The LOI is a non-binding agreement and does not guarantee a final transaction. Horizon Aircraft is a Canadian aerospace company listed on the Nasdaq exchange.