Mentioned:
Unusual Machines wants in on the battery business. Which is exactly why they’re buying a private company in St. Louis.
What’s happening:
- Unusual Machines (NYSE: UMAC) has entered into a new deal to acquire battery manufacturer Upgrade Energy
By the numbers:
- Unusual Machines will issue 1.79M common shares and pay $1M USD in cash as part of the acquisition of Upgrade Energy
- Upgrade Energy can also earn up to an additional $26M USD in additional cash through future milestone payments as part of the purchase
Why it matters:
- Upgrade Energy manufactures long range batteries for drones, unmanned aerial vehicles and electric aircraft at their facility located in St. Louis, Missouri
Going deeper:
- Upgrade Energy has sold their long range drone batteries to Drone Express, WinSupply and the United States Air Force Academy
- Unusual Machines previously made major waves when they successfully raised $150M USD in a new equity financing round priced at $17.00 USD per share to scale up their domestic drone production in the United States
