AeroVironment to Offer Tier II Vertical Takeoff and Landing Unmanned Aircraft System with Strategic Investment in CybAero AB
- AeroVironment secures exclusive rights to distribute larger, higher flying, longer endurance vertical takeoff and landing (VTOL) unmanned aircraft system (UAS) in United States, NATO and other countries
- AeroVironment will invest up to $3 million in CybAero convertible notes
- Agreement expands AeroVironment family of unmanned aircraft systems capabilities beyond hand-launched category to address market requirements
AeroVironment, Inc. (NASDAQ: AVAV) today announced it has entered into a strategic relationship with Sweden-based CybAero AB (NASDAQOMXS: CBA) to develop and distribute a Tier II vertical takeoff and landing (VTOL) unmanned aircraft system in response to unmet requirements from multiple customers. The relationship gives AeroVironment exclusive rights to provide CybAero AB systems to United States customers and to government customers in NATO and other countries. AeroVironment has agreed to purchase up to $3 million in convertible notes from CybAero to facilitate the company’s growth.
United States military customers typically segment the numerous types of unmanned aircraft systems they employ by size, weight, endurance and range into different tiers. Man-portable, hand-launched systems such as AeroVironment’s RQ-11B Raven®, RQ-20A Puma® AE and Wasp® AE that weight less than 20 pounds comprise the Tier I segment. Tier II UAS include heavier, larger and longer endurance systems with longer range, such as CybAero’s VTOL offering. Tiers III and IV include air vehicles of increasing size, capable of even longer endurance and range and requiring larger support teams and infrastructure requirements.
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“CybAero is a pioneer and leader in the Tier II VTOL market. Our joint team has demonstrated this reliable, cost-effective Tier II UAS solution that will build on AeroVironment’s family of small UAS, expanding our customer offering,” said Roy Minson, AeroVironment senior vice president and Unmanned Aircraft Systems general manager. “With its significantly greater endurance and payload capacity, small footprint and ease of use, this new system will join our family of UAS and deliver a robust vertical takeoff and landing capability to current and new customers seeking that Tier II solution.”
“We are working with CybAero to integrate their product into our system solution and will invest to add critical capabilities required to bring the most competitive offering to market,” Minson added.
AeroVironment and CybAero have been working together very effectively to incorporate capabilities required to meet the requirements of United States government and other customers.
“AeroVironment is the clear leader in the man-portable, hand-launched UAS market, with an intimate understanding of customer operational requirements,” said Leif Erlandsson, CybAero’s chief executive officer. “We believe that AeroVironment possesses the experience, relationships and systems integration skills to bring all the benefits of our VTOL system to customers in the United States and beyond. We look forward to continuing our work together to increase the safety and operating effectiveness of AeroVironment’s customers.”
Source : AeroVironment, Inc. (The Boyer Syndicate, Inc.)
Jun 24 - 25, 2014 - Washington, United States
Mar 24 - 25, 2014 - Phoenix, United States