Horizon Aeronautics wants to make a Hover bike that eschews the traditional approach of other eVTOL multi-propeller concepts.

A press release revealed that the US-based company is developing a prototype of a passenger-friendly "e-Vtool" bike that uses "new spinning propeller" technology developed by Blainjett Aviation.

E-VETOL is an acronym for electric vertical take-off and landing technology.

This technology came about thanks to significant advances in electric propulsion and the growing need for new vehicles for urban air mobility.

The Horizon bike looks like a floating waterslide;

The E-Vetol is powered by a hybrid electric powertrain, but it's Blainjett's Dynamic Variable Pitch technology that sets this bike apart.

This technology enables helicopters to generate directed thrust, allowing them to reach higher speeds when flying ahead without the need for any complex tilt technology.

Instead of tilting the aircraft forward like a helicopter to generate forward thrust, PlaineJet's Dynamic Variable Pitch concept automatically changes the pitch of the propeller blades via the camera.

According to PleinJet, this system is ideal for low-flying bicycles and e-Volts as passengers will generally need to stay level to avoid falling and causing accidents.

Horizon is aiming to develop a full prototype this year and has teamed up with Plainjet to develop the bike, which is 9 feet long and 4 feet wide.

On the Horizon website, the company says that the bike will accommodate a maximum of 3 people, and will weigh 380 kg.

"Compared to complex multi-rotor or ducted fan designs, (the new system) achieves greater thrust and power distribution efficiency with a small number of larger fans," PlainJet says in its press release.

"When we compared our thrust and efficiency with ducted propellers and smaller rotors, we were 2-3 times more efficient and energy-intensive," said Cary Zachary, president of PlaineJet. "There is also a reduction in aerodynamic drag in the forward flight condition."

Horizon aims to produce a fully functional prototype using its BlaineJet hemispherical design by late 2022.

So far, nothing has been revealed about the price of the final model, and many other specifications have not been revealed.

Another company, Japan's ALI Technologies, is developing the $680,000 Hover e-Vtool.

Unlike the Horizon Flying bike, this model uses a traditional multi-propeller configuration.