DroneShield has announced a binding commitment from Epirus to invest USD3.7 million in the counter drone company via a placement of 18,500,000 fully paid ordinary shares. The placement will result in Epirus acquiring an approximate 4.1% shareholding interest in DroneShield. Net proceeds raised from the Placement are currently intended to be used to fund:
- The scaling up of ready inventory and long lead items, to rapidly fulfil anticipated orders
- The continuation of the scaling up of engineering and operations to support current momentum
- General working capital.
DroneShield CEO, Oleg Vornik, commented: “We welcome Epirus to our investor register. There are significant complementary areas between our companies, including combining DroneShield’s drone detection and soft defeat systems, with Epirus’ hard defeat solutions.”
DroneShield has achieved a number of project wins in the last couple of months, including being recommended by the Joint Counter-small Unmanned Aircraft Systems Office (JCO) for deployment across US Department of Defense (DoD) bases within the Science Applications International Corporation (SAIC) consortium, a win of Small Business Innovation Research (SBIR) project for the US DoD with Quantum Research International, and various deployments with the US Army, European Government customers, a first US airport deployment, appointment to the Australian Department of Defence Intelligence, Surveillance, Reconnaissance and Electronic Warfare Standing Offer Panel, and most recently the USD1 million international Government order for its DroneSentry-X units.
Epirus is a high-growth U.S. technology company developing software-defined directed energy systems that enable unprecedented counter-electronics effects and power management solutions to optimize power efficiency in defense and commercial applications. This includes the Leonidas solid-state, software-defined high-power microwave (HPM) technology to enable unmatched counter-electronics effects for a range of use cases.
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