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By Faith Ashmore, Benzinga
As Countries Battle To Curb Global Emissions, Air Travel Is Under Scrutiny
The impact of aviation emissions on climate change is significant, as airplanes burn fossil fuels that release CO2 emissions and other warming non-CO2 effects such as nitrogen oxides (NOx). Unfortunately, emissions from aviation have been growing at an alarming rate.
Between 1990 and 2019, aviation emissions more than doubled, surpassing the growth rate of any other mode of transportation. If left unchecked, aviation emissions could double again by 2050 compared to 2019 levels and consume more than 10% of the remaining carbon budget needed to limit global warming to below 1.5C.
In the realm of electric vehicles (EVs), electric Vertical Take-Off and Landing (eVTOL) aircraft have received attention from the press, the public and investors as a potential solution to help curb global emissions. Companies like New Horizon Aircraft (NASDAQ: HOVR) (Horizon Aircraft) are currently developing prototypes that may revolutionize the way we approach air travel.
Horizon Aircraft is working on its prototype eVTOL, the Cavorite X7, a unique aircraft designed for longer-range regional passenger, cargo, and special missions. Horizon Aircraft currently has a 50%-scale prototype that has successfully demonstrated hover flight and the company believes it will complete a successful transition flight before the end of Q1 of 2024.
Brewing Crises Demand Better Solutions
Helicopters have historically been the quickest mode of transportation for hospital transfers in emergencies but eVTOLs are looking like they may be a better alternative. Horizon Aircraft boasts that its product will be able to take off and land like a helicopter and fly almost twice as fast with lower operating costs. Their prototype aircraft is expected to fly at speeds up to 450 km and carry 700 kg of useful load over 800 km. These new aircraft could transport an injured person to the hospital in half the time or deliver critical, lifesaving medication between hospitals quickly and more efficiently than a helicopter.
In the last few years, there has also been an uptick in climate-related disasters. In the wake of a hurricane or severe storm that knocks out power, aircraft like the Cavorite X7 could land in any suitable small space and provide aid directly to people in need. Notably, with a hybrid electric power system, this aircraft can recharge itself without the need for a functional electrical grid.
Global Congestion Grows As People Migrate To Major Cities
With population growth and urbanization on the rise, traffic congestion is becoming a pressing concern for citizens and city planners alike. A recent study conducted in the U.S., France, Germany and the U.K. revealed that road congestion results in up to $200 billion in lost productivity annually. eVTOL aircraft could offer a unique solution to increase efficiency in the air network that transports people and cargo. This increased efficiency may offer significant reductions in air transportation pollution.
This transition to better technology is being recognized by the larger investment community; Horizon Aircraft recently published a global study that showed an overwhelming majority (96%) of professional investors understand the increasing global demand for improved transportation systems, coupled with the imperative to reduce the environmental footprint resulting from increased road congestion. The studys findings included that investors also believe the advancements in technology that demonstrate the safety and feasibility of eVTOL aircraft will catalyze movement in the regulatory landscape and attract substantial investments to the sector within the next five years.
Horizon Aircraft Could Be On Track To Be A Leader In The Air Travel Revolution
Horizon Aircrafts technology and leadership have distinguished itself from competitors such as Joby Aviation (NYSE: JOBY) and Lilium NV (NASDAQ: LILM). The company, led by a seasoned former fighter pilot, harnesses the wealth of knowledge accumulated by its professionals with extensive backgrounds in military and commercial aviation. Comprising a dedicated group of engineers, pilots and business specialists, the team at Horizon Aircraft is determined to drive innovation in regional transportation. The future of aviation demands modern-day solutions and cutting-edge technology. Horizon Aircraft seems well-positioned to be a leader in the space.
Featured photo by Skyler Smith on Unsplash.
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