$AVAV (+3,24%) My dears, with so much good news, investing is fun. Take a close look when choosing your companies. On products, know-how, order situation, etc.
Shares of AeroVironment Inc (NASDAQ:AVAV) rose 2.4% on Tuesday after the unmanned systems company announced a strategic partnership with Korean Air focused on its JUMP 20 aircraft system.
The California-based defense technology company signed a Memorandum of Understanding (MOU) that makes Korean Air its primary partner in South Korea. The collaboration will focus on adapting AeroVironment's JUMP 20 Group 3 vertical take-off and landing unmanned fixed-wing aircraft to the Korean defense market.
The aim of the partnership is to support the Korean Ministry of Defense's efforts to expand its unmanned systems infrastructure through joint research and development, innovation and local production capabilities.
"This agreement signals our growing international footprint, market presence and commitment to providing adaptable solutions in collaboration with trusted local partners around the world," said Larry Satterfield, Senior Director of Business Development for Asia Pacific at AeroVironment.
The JUMP 20 platform has been gaining traction globally. AeroVironment has recently won contracts across Europe, including Denmark, Italy and other NATO allies. The system offers endurance, range and flexibility in the use of multiple payloads for intelligence, surveillance and reconnaissance operations.
The collaboration leverages AeroVironment's operational experience with Korean Air's defense ecosystem to provide mission-ready solutions for Medium Unmanned Aircraft Systems (MUAS) designed for regional and global defense challenges.
