ParaZero expands drone safety system deal with Vayu
Investing.com | Editor Emilio Ghigini
Published Feb 22, 2024 07:53AM ET
TEL AVIV - Medigus Ltd. (NASDAQ: MDGS), an Israeli technology company, announced Monday that its associated company, ParaZero Technologies Ltd. (NASDAQ: PRZO), has expanded its collaboration with Vayu Aerospace Corporation, a U.S.-based drone manufacturer and a subsidiary of Alpine 4 Holdings (NASDAQ: ALPP). This partnership aims to enhance the safety features of Vayu's fleet of delivery drones.
ParaZero, in which Medigus holds an 18.68% stake, specializes in drone safety systems for commercial drones and urban air mobility aircraft. The collaboration will see ParaZero's SafeAir system integrated into the design stage of Vayu's G-1MKII vertical take-off and landing (VTOL) aircraft. The two companies have also planned performance-based regulatory compliance testing and validation to unlock a range of use cases for Vayu's global customers.
The press release stated that the global market for VTOL unmanned aerial vehicles is expected to reach $27.5B by 2030, growing at a CAGR of 19.9% from 2022 to 2030, according to Research and Markets.
ParaZero's CEO, Boaz Shetzer, expressed enthusiasm for the strengthened partnership with Vayu, highlighting the success of their SafeAir parachute systems in achieving regulatory approvals for advanced operations around the world. Kent Wilson, CEO of Alpine 4 and Vayu, emphasized the significance of incorporating ParaZero's parachute system into their platforms as a fundamental component for safety and reliability.
The SafeAir system is designed to mitigate flight risks autonomously, equipped with sensors to monitor the drone's flight patterns and deploy a parachute in case of critical failure. This integration is seen as crucial for Vayu's operations, including obtaining Beyond Visual Line of Sight (BVLOS) flight permissions from the Dubai Civil Aviation Authority (DCAA).
Nathan Grier, Director of Flight Operations at Vayu, remarked on the importance of surpassing regulatory standards for safety, and the partnership with ParaZero is a step towards achieving this goal, particularly for EASA certifications in Europe.
The information for this article is based on a press release statement.
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