Investing.com | Mar 14, 2023 16:50
By Michael Elkins
Military tech business, Red Cat Holdings (NASDAQ:RCAT) revealed Tuesday that they have actually made a substantial monetary investment in Firestorm, an American business establishing the very first totally Modular Unmanned Aerial System (MUAS) that is 3D printed and payload agnostic.
“Firestorm is altering how UAV’s can be developed, made, and provided rapidly, and the Firestorm system resolves a great deal of issues for lots of vital circumstances. Their long-range and long-duration loitering abilities are a cost-efficient method to winning in the air. We think that our Teal 2 drone and the Firestorm UAV might be a terrific mix for the warfighter,” said Red Cat CEO Jeff Thompson.
“We are honored to have Red Cat join us on our journey. Red Cat’s Blue UAS items, their American producing centers, and their market understanding have actually made them a terrific partner as we work to scale our business,” said Firestorm CEO Daniel Magy.
“We wish to help Firestorm prosper, and this financial investment might be simply the start. For example, our big production center in Salt Lake City might speed up the production of Firestorm’s items to fulfill increased need,” Thompson included.
Shares of RCAT are up 3.62% in mid-day trading on Tuesday.
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Written By: Investing.com