Linkoping CybAero a company, which develops and manufactures unmanned helicopters, deepens its cooperation with American AeroVironment, which is considered the world’s leading UAV companies. The U.S. company signs two convertible loan of 10 million each in CybAero, and purchase additional unmanned helicopters from the Swedish company.
Through the now agreed strategic investment deepened a partnership that began last spring between the companies. AeroVironment, whose name CybAero until now for reasons of confidentiality could not publish, bought in the spring two APID 60 systems intended for demonstrations. By now enhanced cooperation supplied CybAero capital and marketing resources for an even greater expansion. AeroVironments financial contribution is mainly by signing two convertible loans CybAero about 10 million each, as well as within the framework of cooperation acquire additional APID 60 vehicles.
U.S. armed forces divide the different UAVs that are used in segments, called “Tiers”, depending on, for example.size, weight, range, etc. AeroVironment is, with brands such as Raven, Puma and Wasp, the U.S., and thus far the world’s largest supplier of small, often hand-launched “Tier 1 vehicles”. AeroVironment has delivered over 22,000 vehicles to customers primarily in the United States and NATO, but also more recently to the Swedish Armed Forces.
– With its significantly greater range and payload are CybAero APID 60 a Tier II product that is in the segment of Aerovironments existing product family of small UAV systems. Through its ability to vertical takeoff and landing, its larger capacity, its ease of use and low cost LCC (Life Cycle Cost) then this new Tier II system to be a great addition to our UAV family for customers seeking a robust, flexible and price-effective UAV says Roy Minson, AeroVironments deputy CEO and President of UAV operations.
AeroVironments investment in CybAero occurs through two convertible loans, each with 10 million that can be converted to each 10 million shares. The loan carries a fixed interest rate of five percent and have a maturity of five years, with the possibility for CybAero to maturity repay the loan. Conversion may take place over the life and during the last two years in some cases warranted by CybAero.
The first loan was decided by the board of CybAero under an existing authorization. CybAero will soon convene an Extraordinary General Meeting to approve the second convertible loan. After approval, the two loans AeroVironment possibility to subscribe a total of 20 million shares, representing 20.95 percent of the capital in CybAero.