New Horizon Aircraft (HOVR) said Tuesday it has signed a letter of intent with Australian-based aircraft operator V-Star Powered Lift Aviation to sell five Cavorite X7 hybrid-electric VTOL aircraft with options to purchase up to an additional 95 aircraft for $600 million.
V-Star intends to secure the delivery slots for these five aircraft with a firm deposit upon execution of the definitive agreement, New Horizon Aircraft said.
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