US-based AeroVironment is set to establish a joint venture (JV) with Japanese telecommunications operator SoftBank to fund the development and manufacturing of solar-powered high-altitude long-endurance (HALE) unmanned aircraft systems (UAS).
The HAPSMobile JV will focus on developing drones for commercial operations.
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It is expected to provide up to $65m in funding, which will include a $5m contribution from AeroVironment.
AeroVironment CEO Wahid Nawabi said: “For many years, we have fully understood the incredible value high-altitude, long-endurance unmanned aircraft platforms could deliver to countless organisations and millions of people around the world through remote sensing and last mile, next-generation IoT connectivity.
“We were searching for the right strategic partner to pursue this very large global opportunity with us.
“Now we believe we are extremely well-positioned to build on the decades of successful development we have performed to translate our solar UAS innovations into long-term value through HAPSMobile.”
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By GlobalDataSoftBank will own and fund 95% of HAPSMobile, while AeroVironment will own and provide the remaining 5% stake in the JV.
AeroVironment will also have an option to increase its ownership stake in HAPSMobile to up to 19% at the same cost as its initial 5% purchase.
Both SoftBank and AeroVironment have agreed to license certain background intellectual properties to HAPSMobile, which will own the intellectual property right for the new UAS and exclusive rights for commercial applications globally, as well as non-commercial applications in Japan.
AeroVironment will have the exclusive rights to the resulting intellectual property for certain non-commercial applications, except in Japan, as well as to design and produce all such aircraft in the future for HAPSMobile, subject to the terms of the relevant JV deal.
