Nordic Unmanned secures EUR 3.5 million in project financing for AirRobot’s MIKADO contract
Nordic Unmanned today announced that its subsidiary AirRobot GmbH & Co. KG has secured a credit facility of EUR 3.5 million as project financing for the Mikado contract to supply the Bundeswehr (German Armed Forces) with 145 of its novel and modular AR100-H drone systems.
The credit facility has a positive liquidity effect for the Nordic Unmanned group following significant cash outlays related to procurement of parts and development in the project. All critical components for the production of the 145 drone systems have been purchased already, and the credit facility has been a project milestone since the award of the MIKADO contract in May 2022.The project is moving forward according to plan and first major revenue effect of the contract will start in the third quarter 2022.
“We are happy to secure financing for the Mikado project. This is a breakthrough contract for AirRobot and the AR100-H drone system, and we are very satisfied that the timeline and milestones are being met. We believe other opportunities will arise in Germany and other NATO countries as a result of the quality stamp this contract gives us as the maturity of the contract is increasing,” said CEO of Nordic Unmanned Knut Roar Wiig.
The AR100-H system is a small foldable drone with modular construction. All relevant components can be replaced in a few simple steps without using tools. It is a flexible, low-weight, low-noise drone system developed with the armed forces and special police forces in mind. The drone systems contain all required equipment for a modern deployed soldier to gain situational awareness day and night in all kinds of weather. "Mikado" (Mikroaufklärungsdrohne) is a local area micro-reconnaissance drone. The system is based on the 24 000+ flights and operational experience of the legacy AR100-B, which is still in service with the German Armed Forces.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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About Nordic Unmanned
Nordic Unmanned is a global leader of high-end products and services related to drones and data capture. Through worldwide operational experience and industry-leading expertise, Nordic Unmanned supports large governmental and industrial clients in the adaption of unmanned systems and services.
Founded in 2014, the Group has offices in Sandnes, Molde, Odense (DK), Cranfield (UK), Hasselt (BE), Arnsberg (GER) and Baltimore (US) and has quickly become one of the leading providers of unmanned systems and services, with operations across Europe. Nordic Unmanned has one of the world's most comprehensive permits to fly beyond visual line of sight (BVLOS), through the EASA approved Light UAS operator Certificate (LUC). The Group is OEM for the drone products Staaker, AirRobot and DroneMatrix, and is also world leading in the collection of vessel emission data. It is ISO 9001-2015 and AS9100 certified for the operation, maintenance, sale, design, development, and production of unmanned systems and sensor technology.
For more information visit - https://nordicunmanned.com/
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