Lithium-ion tech developer UltraCharge is aiming to develop new advanced battery technology for drones after inking a deal with Israel-based drone manufacturer Aeronautics.
The ASX-listed company has signed a non-binding letter of intent with Aeronautics, one of the world’s leading specialist manufacturers of unmanned aerial vehicles (UAV), commonly known as drones, for military and civilian use.
Under the LoI, Aeronautics will cooperate with UltraCharge for the design, development and production of advanced battery solutions specifically for UAV use.
UltraCharge’s focus will be on the development and of its high-voltage lithium manganese nickel oxide (LMNO) prototype battery in accordance with Aeronautics’ required specifications and performance needs.
In the event of a successful development of a prototype, Aeronautics and UltraCharge may pursue an on-going business relationship together, whereby Aeronautics may purchase from UltraCharge battery solutions for UAVs and other relevant systems manufactured by Aeronautics.
The collaboration will create new opportunities in bringing advanced battery technology offerings to this emerging UAV market.” UltraCharge CEO Kobi Ben-Shabat said.
Aeronautics Deputy CEO for Marketing Sales & Business Development Danny Eshchar said the intention of the development is to achieve more endurance time while providing advanced solutions to our battery performance.
The UAV market was valued at U$ 18.14 billion in 2017 and is projected to reach US$ 52.30 billion by 2025.
UAVs are components of unmanned aircraft systems which include a UAV, a ground-based controller, and a system of communications between the two, and are used for military, civil & commercial, homeland security and consumer purposes.
Shares in UltraCharge were trading at 2.9c in afternoon trade.