Horizon secures $8.4 million from strategic investor
December 24, 2024
Horizon has received an investment from a strategic investor and aerospace supporter for aggregate proceeds of $8.4 million. The eVTOL developer says this strategic financing will strengthen its balance sheet, provide stability in the operations, governance, and regulatory priorities, and fund further development and flight testing of its hybrid eVTOL, the Cavorite X7. The undisclosed investor will receive about $2.1 million in Horizon class A ordinary shares. Additionally, the investor will exchange $6.3 million for 4,500 preferred shares, each of which will be convertible to common shares at a price of C$0.63 per share for a period of five years. "We are deeply appreciative for this second investment from our strategic partner," states Horizon Aircraft chief Brandon Robinson. "The principle's continued support through this second tranche of funding provides our business with a solid working capital position in support of our initiatives."
HAECO announces 290,000sq ft facility in Dallas
December 24, 2024
HAECO is establishing a new 290,000sq ft engine repair and maintenance facility in Dallas, scheduled to open in January 2025. The Hong Kong-based MRO group says the project, developed in partnership with the City of Dallas, will create over 100 new jobs and expand the company's aircraft engine repair capabilities. The facility will focus on next-generation aircraft engine industrialisation and repair, incorporating advanced manufacturing technologies. HAECO, which operates facilities in Hong Kong, London, Amsterdam, and Dallas, plans to implement workforce development programs as part of its local community investment. The expansion aims to address growing demand for aircraft engine services while maintaining EASA and FAA compliance.
DOT approves Delta's Washington National-Seattle application
December 23, 2024
Delta Air Lines will launch flights between Ronald Reagan Washington National airport and Seattle-Tacoma International airport on 9 March 2025, following the US Department of Transportation's approval of the US major's application for a Washington National slot. The new route will be operated using Airbus A321neos, Delta says. With this final order, Delta will offer a nonstop flight to all three of its western hubs from the nation's capital. Delta also operates flights from Seattle to Tokyo, Seoul, Shanghai, and Taipei and plans to transition to A350s on these routes in spring 2025. "Seattle is a key market for our customers, a crucial hub for Delta, and a premier West Coast gateway," states Delta president Glen Hauenstein. "Delta commends the Department of Transportation for recognising that additional service from DCA to Seattle will give consumers the much-needed competition and choice they deserve." In addition to reauthorising and funding both the Federal Aviation Administration and the National Transportation Safety Board through 30 September 2028, the FAA Reauthorization Act of 2024 signed into law on 16 May by US president Joe Biden authorised 10 new slot exemptions at Washington National. US carriers American, United, Delta, Frontier, JetBlue, Southwest, Alaska and Spirit submitted applications for the new slots. Alaska has received approval from the DOT to launch flights between San Diego and Washington National.