SDF, Dronamics announce manufacturing JV for Black Swan cargo drone
JV term sheet signed at the Dubai Airshow 2023 builds on the venture capital investment by SDF in Dronamics in 2022
The UAE’s Strategic Development Fund (SDF) and Dronamics announced that they signed a term sheet to set up a joint venture (JV) to produce the Black Swan cargo drones to fulfil the global demand and requirements for Dronamics’ international and local customers.
The JV will constitute the first serial production plant for the Dronamics Black Swan aircraft, says a release from Dronamics.
"In late 2022, SDF, through its venture capital division, invested in Dronamics and is its largest investor to date. The JV term sheet signed at the Dubai Airshow 2023 builds on the venture capital investment and the MoU signed between SDF and Dronamics at last month’s SAVI cluster launch event at Masdar City by the Abu Dhabi Department of Economic Development."
Abdulla Naser Al Jaabari, Managing Director and CEO, SDF says: “SDF is committed to investing in financially sustainable partnerships that contribute towards building manufacturing and technological capabilities in the UAE. Leveraging Dronamics’ pioneering drone technology and the UAE’s logistics ecosystem and advanced infrastructure, this joint venture will bring the manufacturing base of this advanced technological solution that we believe will be a game-changer within the logistics sector for the mid-mile delivery segment.”
Svilen Rangelov, Co-Founder and CEO, Dronamics adds: “This joint venture will propel our advanced cargo drone technology into the market on a grand scale. Our collaboration with SDF, an existing key strategic investor in Dronamics, reinforces our vision to provide same-day delivery for all with the aim of leveraging the UAE’s exceptional infrastructure. Together, we believe we will revolutionise the logistics and air cargo sectors, seizing the vast opportunities within the UAE and the global market.”
The remotely-piloted aircraft developed by Dronamics is capable of transporting up to 350 kgs (770 lbs) for 2,500 kms (1,550 miles), the release added.