09:52 AM EDT, 06/13/2025 (MT Newswires) -- New Horizon Aircraft ( HOVR ) said Friday it formed a partnership with MT-Propeller for the supply of propellers for New Horizon's hybrid turbine engine.

The deal supports development of Horizon's Cavorite X7, a hybrid-electric aircraft designed for both vertical and runway takeoff, the company said.

MT-Propeller will provide advanced composite propellers aimed at improving speed, efficiency, and reducing noise, it said.

The collaboration will support the performance of its electric vertical take-off and landing aircraft, which is currently in development, according to the company.

New Horizon shares were up 1.8% in early trading.

Price: 1.39, Change: +0.02, Percent Change: +1.53