Parallel Flight Technologies, an autonomous heavy-lift drone and hybrid propulsion technology leader, today unveiled a landmark deal to supply 50 aircraft to UAV Systems Private Limited (UAVS), an India-based drone and robotics solution provider. Parallel Flight will also provide ongoing maintenance, repair, and overhaul support, further enhancing the efficiency and uptime of all UAVS platforms. Deliveries are set to start in 2024.
While the total dollar amount wasn't disclosed, the initial press release does note the deal is worth "millions." Further, this deal represents paid deposits meaning the agreement is likely binding, as compared to the 48 non-binding LOI's mentioned on their StartEngine page.
Notably, the deal comes just a few short weeks after ending their most recent equity crowdfunding campaign. The campaign was a relatively substantial down round from the previous raise at a 9-figure valuation. Many companies will continue their raise but end once they land deals they believe will increase their valuation.
This strategic deal marks a significant step in Parallel Flight’s global expansion, solidifying its leadership in the provision of full-stack UAV solutions in the Indian market. The partnership aims to deliver comprehensive solutions that harmonize advanced technology, safety, efficiency, and cost-effectiveness across the industrial sector.
Backed by a diversified group of major Indian conglomerates, UAV Systems excels in the field of unmanned aerial vehicles (UAVs). Its expertise extends to emerging markets penetration and implementing turnkey solutions. Drone technology has been adopted widely across numerous sectors in India, including energy, agriculture, renewables, mining, conservation/reforestation, defense, law enforcement, and various industrial logistic applications.
Arab Khan, CEO of UAV Systems, said, “We chose to partner with Parallel Flight because of their unique technology, innovative thinking, excellent team, and understanding of customer behavior. We believe their superior heavy-lift drone technology can help bridge the UAV technology gap in India. We look forward to the collaboration and anticipate the demand for Parallel’s units growing to over 500 in the coming years.”
Parallel Flight’s flagship aircraft, the Firefly, boasting a maximum takeoff weight (MTOW) of 122 kg, has been lauded as a 'heavy-lift workhorse.' It has garnered support from the USDA, NASA, and NSF. The company’s proprietary Parallel Hybrid Electric Multirotor (PHEM) drone technology enables the Firefly to carry an impressive 45kg payload for up to 1.6 hours. The superior technology of the aircraft provides it with 10x longer endurance and range, outperforming all-electric drones.
Joshua Resnick, CEO of Parallel Flight Technologies, stated, “This purchase agreement reflects the growing demand for heavy-lift drone technology globally and specifically in India. By scaling our autonomous aircraft, combining our customer-centric focus with UAVS’ integration expertise, we aim to provide a premium turnkey experience for our customers.”
This recent agreement positions Parallel Flight for sustained growth as it scales its technology for usage across various crucial industrial verticals.
About Parallel Flight Technologies
Parallel Flight Technologies is revolutionizing intelligent hover and vertical-lift with sustainable, autonomous UAV solutions aimed at saving lives, property, and the environment. The company’s Parallel Hybrid Electric Multirotor (PHEM) propulsion technology enables UAV platforms to carry heavy payloads for extended durations and can be applied across multiple logistics verticals, globally. The technology facilitates >90% carbon footprint reduction and a 50%-75% reduction of operating costs for many applications.