Drone Volt has announced the formation of a joint venture with Pragma Industries, which is described as “one of the pioneers in the design and manufacture of tiny hydrogen fuel cells,” with the goal of developing drones with H2 fuel cells that can fly great distances.
This collaborative venture, led by Drone Volt, aims to deliver hydrogen engines that can convert hydrogen into energy to all drone manufacturers.
According to Drone Volt, “the pooling of technology and R&D should lead to a substantial technical leap in the drone market.”
In order to enhance their cooperation through capital ties, the two partners have decided to proceed with a series of reciprocal capital increases as part of this agreement. Pragma Industries’ capital increases for the benefit of Drone Volt will allow the Group to ultimately own about 10% of Pragma Industries’ capital.
Pragma Industries will additionally subscribe to various capital increases in Drone Volt during the fiscal year 2022, but will not be able to own more than 10% of Drone Volt’s share capital due to French commercial company cross-shareholding laws.
