Parallel Flight Technologies, a leading developer of autonomous heavy-lift drone technology and hybrid propulsion, today announced a purchase agreement for 50 aircraft, with paid deposits, from UAV Systems Private Limited (UAVS), a drone and robotics solution provider based in India. In addition, Parallel Flight will provide ongoing maintenance, repair and overhaul support to UAV Systems and its end-user base for increased efficiency and uptime of all platforms. Deliveries are slated to begin in 2024.

This landmark agreement is the next chapter for Parallel Flight's global expansion and will bolster the company's leadership role for full-stack UAV solutions in India. The two companies will work together to differentiate and amplify the customer experience by providing comprehensive solutions that merge innovative technology, safety, high efficiency and low-cost solutions across the industrial sector.

UAV Systems Private Limited specializes in the field of UAV's and is backed by a diversified group of major Indian conglomerates, spanning auto, ev, battery manufacturing, fortified fencing and hospitality. The UAV Systems team has extensive experience penetrating emerging markets and has a keen focus on integrating turnkey solutions for its customers. The country's adoption of drone technology is widespread across various sectors, including energy, agriculture, renewables, mining, conservation/reforestation, defense, law enforcement, and numerous other industrial logistic applications.

"After extensive global research, we decided to strike a partnership with Parallel Flight because of their differentiated technology, divergent thinking, ability to understand customer behavior and the excellent backgrounds, from the likes of Tesla, that their team brings to the table," says Arab Khan, CEO of UAV Systems. He continues, "The extensive knowledge of their scientists and engineers speaks for itself, as they have developed superior heavy-lift drone technology which can help address a UAV technology gap throughout India. Our team is looking forward to joining hands - we see this as just the beginning and we see the demand for Parallel's units to grow to 500+ over the next few years."

Parallel Flight's USA built, flagship aircraft, the 122 kg MTOW Firefly, has been widely praised as a 'heavy-lift workhorse' and is well suited for numerous industrial applications. Backed by USDA, NASA and NSF. The company's proprietary Parallel Hybrid Electric Multirotor (PHEM) drone technology enables the Firefly to carry an impressive 45kg payload (not including fuel) for up to 1.6 hours. The proprietary IP built into Parallel Flight's flagship aircraft allows for 10x longer endurance and range, making it an exponential gain over all-electric drones. Parallel Flight's innovative technology recently resulted in a signed USSOCOM CRADA and partnership with global NGO, Island Conservation, for critical biodiversity initiatives on remote islands.

"This purchase agreement with UAV Systems solidifies a commitment that reflects the growing demand for heavy-lift drone technology in India and around the world. By deploying and scaling our autonomous aircraft and combining Parallel's customer centric focus with UAVS' expertise in solution integration, we are confident that we will provide customers a premium turnkey experience, at low costs, for their critical applications," says Joshua Resnick, CEO of Parallel Flight Technologies. "Our vision is to continue driving innovation in the industry, which could not be done without our partners. We look forward to successful market penetration in India and for the day when we can expand manufacturing of this technology in the region."

This latest purchase agreement positions Parallel Flight for continued growth, as it scales its technology for use across several critical industrial verticals. For more information, contact [email protected]

Background

Parallel Flight Technologies

Parallel Flight Technologies is pioneering intelligent hover and vertical-lift with sustainable, autonomous UAV solutions to save lives, property, and the environment. The company's transformative Parallel Hybrid Electric Multirotor (PHEM) propulsion technology allows UAV platforms to carry heavy payloads for long durations, and can be applied across multiple logistics verticals, including real-time and complex healthcare logistics, tactical support for firefighters and first responders, industrial logistics and other critical-missions, globally. This tech enables >90% carbon footprint reduction, and 50%-75% reduction of operating costs for many applications. Visit www.parallelflight.com for more information.

UAV Systems

UAV Systems Private Limited is a dynamic organization based in India specializing in UAV's. The company specializes in the design and development of drones and robotics control systems and offers complete system integration solutions. The team at UAV Systems Private Limited is made up of highly skilled and passionate individuals who are committed to deploying innovative and cutting-edge technology.

Company Name: Parallel Flight Technologies

Contact Person: Sarah Abdi

Email: [email protected]

Website: https://www.parallelflight.com/

Disclaimer: There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this PR should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation. For more info, please contact [email protected].

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