UUV Aquabotix wins U.S. Navy order to supply underwater drone
UUV Aquabotix (ASX:UUV) has secured an order to deliver an unmanned underwater vehicle (UUV) for the U.S. Navy, following a competitive bidding process.
Aquabotix became the world’s only publicly traded underwater drone firm last week, after raising A$7 million from an oversubscribed offer.
The company expects to generate a revenue of circa A$125,000 from the U.S. Navy order.
The sale illustrates the increased focus of the world’s militaries on the unmanned underwater domain.
Aquabotix makes 10 models of camera-equipped underwater drones, one of which can operate autonomously in some circumstances. The rest are piloted by remote control.
Unlike most of its purported competition, Aquabotix’s products are not just a concept. The company has shipped circa 350 underwater drones since sales commenced in 2011.
Aquabotix brought in a revenue of A$1.1 million in 2016, a number that is expected to double in 2017.
The new order is material in the context of Aquabotix’s strategy of building on its past orders from the U.S. Navy, in order to capture a commanding position in this nascent but growing market.
Importantly, the U.S. Department of Defense has announced that it plans to invest as much as US$3 billion in an effort to build and field underwater drones for surveillance operations.
Industry analysts have estimated that the addressable market Aquabotix operates in will be worth circa US$4 billion in 2020.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/177125/uuv-aquabotix-wins-us-navy-order-to-supply-underwater-drone-177125.html
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