Designed specifically for Australian defense forces and...

Designed specifically for Australian defense forces and international applications, it addresses capacity gaps in the current unmanned aerial vehicle (UAV) market.

During development, the drone underwent 40% scale testing, including running short-circuit control circuits at various speeds and aircraft configuration settings, and hovering tests on a 30% scale VTOL system in November.

Flight tests provide valuable data on the unit’s range of motion and are part of an ongoing comprehensive program for testing full-scale 8m wingspan units.

A full-scale flight demonstration of the FTA-1 VTOL and FTA-2 (traditional takeoff and landing) platforms will take place later this year.

Innovaero is working on a discussion of potential drone applications with the Australian Government, the Australian Defense Force, and other industry players.

Last month, C Foam announced that it had received a binding commitment to raise $ 4.14 million before deduction of costs through the issuance of approximately 258 million shares of 2 tranches for $ 0.016 per share.

Approximately $ 975,000 in placement revenue will be used for further investment in Innovaero.

In October, C Foam acquired a 10.24% strategic stake in Innovaero and invested $ 1.5 million in the company as a condition of the acquisition.

CFoam’s director, Gary Steinepreis, described it as an “exciting WA business” working on an important domestic defense market.

“The Australian Government plans to invest $ 270 billion in defense and infrastructure over the next decade. [and that is] It’s an important target market for Innovaero, “he said.

“In addition, all defense bids must include Australian sovereign content, and we are confident that Innovaero will have a place of residence and a unique skill set to meet this demand.”

According to Steinepreis, C Foam plans to pledge up to $ 1.9 million to raise Innovaero’s current $ 6 million in convertible bonds before going public, when converted to shares. You can maintain and increase that interest rate.

Innovaero is considering listing the IPO and subsequent ASX later this year, and the conversion will be eligible for a 30% discount on the initial public offering valuation.

As a result, C Foam’s interest increases by up to 17% as the valuation is converted.

CFoam manufactures inorganic carbon foam materials used in a variety of markets, including composite tools for the aerospace sector and applications that require energy absorption and fire resistance.

The company’s products have been developed to meet the growing demand for ultra-high performance engineering materials in the industrial, aerospace, military and commercial product markets.

CFoam’s investee Innovaero Group signs deal with Boeing subsidiary with rapid release of high-tech Fox drone

Source link CFoam’s investee Innovaero Group signs deal with Boeing subsidiary with rapid release of high-tech Fox drone