AeroVironment, Inc. (NASDAQ: AVAV), a global provider of unmanned aircraft systems (UAS) for both defense and commercial applications, has announced the formation of a joint venture to develop solar-powered high-altitude long-endurance, or HALE, UAS for commercial operations, the company said.
This category of UAS is also referred to as high-altitude pseudo-satellites, or HAPS. The joint venture will fund the development program up to a net maximum value of USD 65,011,481.
The joint venture, HAPSMobile, Inc., is a Japanese corporation that is 95 percent funded and owned by Japan-based telecommunications operator SoftBank Corp. and 5 percent funded and owned by AeroVironment, Inc. AeroVironment is committed to contribute USD 5 million in capital for its 5 percent ownership of the joint venture, and has an option to increase its ownership stake in HAPSMobile up to 19 percent at the same cost basis as its initial 5 percent purchase.
AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty. Based in California, AeroVironment is a global provider of unmanned aircraft systems, tactical missile systems and electric vehicle charging and test systems, and serves militaries, government agencies, businesses and consumers. For more information visit www.avinc.com.