AeroVironment to Offer Tier II Vertical Takeoff, Landing Unmanned Aircraft System Following Strategic Investment
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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