AgEagle Stock Is Moving Higher Thursday: What's Going On?

AgEagle Aerial Systems Inc (AMEX:UAVS) shares are trading higher Thursday after the company announced a new drone contract for use by a Department of Energy laboratory.

What Happened: AgEagle announced the procurement of a fleet of eBee X and eBee TAC drones by UT-Battelle LLC, which manages and operates the Oak Ridge National Laboratory (ORNL) on behalf of the DOE.

The company noted that the eBee TAC is approved under the Blue UAS Cleared List program for U.S. government procurement and the eBee X is the only FAA-approved drone for Operations Over People without the need for a waiver in the U.S. The drones will be used to support the DOE’s national security and emergency response efforts.

“We believe that the U.S. Department of Energy’s choice to utilize our eBee X and eBee TAC systems underscores the value that our U.S. Government-certified drones bring to critical areas, such as research, security and emergency response,” said Grant Begley, interim CEO of AgEagle.

“We are honored to be a trusted partner, and this recognition further motivates us to continue providing cutting-edge, certified security solutions that make a meaningful impact.”

AgEagle is a provider of full stack drone, sensors and software solutions for customers worldwide in the commercial and government verticals.

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UAVS Price Action: AgEagle shares were up 21.4% at $0.0807 at the time of publication, according to Benzinga Pro.

Photo: Harald Landsrath from Pixabay.