AeroVironment Inc. on Monday said it is investing in a Swedish developer of vertical takeoff and landing systems, with plans to incorporate the technology into some of its unmanned drones.
The Monrovia company, known for portable unmanned aircraft, will invest up to $3 million in CybAero AB of Linköping. In return, Aerovironment gains the right to develop and distribute aircraft based on CybAero’s technology to a variety of customers in the United States, and to government customers in NATO and other countries.
Roy Minson, AeroVironment’s senior vice president and general manager of its unmanned aircraft systems, said that CybAero is a pioneer in this technology, which should enable his company to offer products with greater endurance, payload capacity and ease of use.
Shares closed down 33 cents, or 1.6 percent, to $20.08, on the Nasdaq.