Red Cat announces investment in modular unmanned aerial systems company By Investing.com

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Red Cat announces investment in modular unmanned aerial systems company

Stock Markets Mar 14, 2023 12:47PM ET

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Red Cat announces investment in modular unmanned aerial systems company

RCAT

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By Michael Elkins

Military tech company, Red Cat Holdings (NASDAQ:RCAT) announced Tuesday that they have made a significant financial investment in Firestorm, an American company developing the first completely Modular Unmanned Aerial System (MUAS) that is 3D printed and payload agnostic.

"Firestorm is changing how UAV's can be designed, manufactured, and delivered quickly, and the Firestorm system solves a lot of problems for many critical situations. Their long-range and long-duration loitering capabilities are a cost-effective approach to winning in the air. We believe that our Teal 2 drone and the Firestorm UAV could be a great combination for the warfighter," said Red Cat CEO Jeff Thompson.

"We are honored to have Red Cat join us on our journey. Red Cat's Blue UAS products, their American manufacturing facilities, and their industry knowledge have made them a great partner as we work to scale our business," said Firestorm CEO Daniel Magy.

"We want to help Firestorm succeed, and this investment may be just the beginning. For example, our large manufacturing facility in Salt Lake City could accelerate the production of Firestorm's products to meet increased demand," Thompson added.

Shares of RCAT are up 3.62% in mid-day trading on Tuesday.

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