Medigus: ParaZero Ramps Up Partnership with US-Based Autonomous Drone OEM Vayu Aerospace Corporation
Medigus Ltd. (Nasdaq: MDGS) announces the expansion of collaboration between ParaZero Technologies Ltd. and Vayu Aerospace Corporation to integrate safety systems into Vayu's fleet of delivery drones. The global VTOL unmanned aerial vehicles market is projected to reach $27.5 Billion by 2030, with a CAGR of 19.9% between 2022 and 2030.
The integration of ParaZero's SafeAir system into Vayu Aerospace's VTOL aircraft represents a significant advancement in drone safety technology. The proactive approach to integrate safety systems at the design stage is commendable and aligns with the industry's push towards enhanced reliability and regulatory compliance. The ability of the SafeAir system to autonomously detect flight anomalies and deploy a parachute for controlled descent could potentially reduce the risk of accidents, which is a critical consideration as commercial drone usage expands.
This integration is particularly relevant as the VTOL market is projected to grow substantially. The emphasis on safety and regulatory compliance will likely make Vayu's drones more attractive to sectors that require high reliability, such as military applications and commercial deliveries. As regulatory bodies worldwide continue to evolve standards for drone operations, partnerships that prioritize safety could see a competitive advantage in the market.
The collaboration between ParaZero and Vayu Aerospace taps into a significant growth market, with the global VTOL UAV market projected to reach $27.5 billion by 2030. The integration of advanced safety systems is not only a strategic move to enhance product offerings but also serves to differentiate Vayu's drones in a competitive landscape. By meeting and exceeding regulatory standards, such as those required for BVLOS operations, Vayu positions itself favorably for capturing market share in regions with stringent aviation regulations, like Dubai and potentially Europe.
The planned performance-based regulatory compliance testing and validation underscores a deliberate move towards not just meeting current market demands but anticipating future regulatory environments. This foresight could enable Vayu Aerospace to establish itself as a leader in safety and compliance, potentially influencing procurement decisions by companies and governments seeking to adopt drone technology for a range of applications.
The strategic partnership between Medigus' subsidiary ParaZero and Vayu Aerospace has the potential to create shareholder value for both companies. Medigus' investment in ParaZero and the latter's expansion of collaboration with Vayu could lead to increased revenue streams as the demand for advanced safety systems in drones escalates. The focus on safety and regulatory compliance is likely to enhance the appeal of Vayu's VTOL aircraft to a broad spectrum of clients, thus potentially increasing market share and profitability.
Investors should monitor the outcomes of the upcoming regulatory compliance testing and validation, as positive results could lead to increased adoption of Vayu's VTOL aircraft and, by extension, ParaZero's SafeAir systems. This could translate to an uptick in sales and a stronger position within the aerospace industry. However, investors should also be aware of the risks associated with the adoption of new technologies and the potential for delays or setbacks in regulatory approvals.
02/22/2024 - 07:38 AM
As part of the ongoing collaboration with Vayu Aerospace, ParaZero's safety systems will be integrated into Vayu’s fleet of delivery drones
Tel Aviv, Israel, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in electric vehicle charging solutions, advanced medical solutions, and innovative internet technologies, today announced that on February 20, 2024 ParaZero Technologies Ltd. (Nasdaq: PRZO) (“ParaZero”), an aerospace company focused on drone safety systems for commercial drones and urban air mobility aircraft, (18.68% owned by Medigus), announced that it has expanded its collaboration with Vayu Aerospace Corporation ("Vayu"), a US-based drone original equipment manufacturer (OEM) and subsidiary of Alpine 4 Holdings (“Alpine 4”) (Nasdaq: ALPP).
The two companies worked together over the past two years enhancing safety solutions for Vayu’s commercial and military vertical take-off and landing (VTOL) aircraft. According to Research and Markets the global market for VTOL unmanned aerial vehicles is projected to reach a size of $27.5 Billion by 2030, growing at a CAGR of 19.9% between 2022 and 2030. With this new collaboration, ParaZero will customize its SafeAir system to be integrated at the design stage of Vayu’s G-1MKII VTOL aircraft. The two companies also have performance-based regulatory compliance testing and validation planned for the near future to unlock a range of use cases for Vayu’s global customers.
Boaz Shetzer, Chief Executive Officer of ParaZero commented, “We are glad to strengthen our partnership with Vayu, an innovator in autonomous drone technology. We have many successes from around the world in aiding our customers to achieve regulatory approvals for advanced operations using our SafeAir parachute systems. As we move forward integrating our SafeAir system from the design stage of Vayu’s cutting-edge VTOLs, we are setting new standards in drone safety and functionality.”
Kent Wilson, Chief Executive Officer of Alpine 4 and Vayu commented, “We at Alpine 4 and Vayu Aerospace are thrilled to partner with ParaZero, a leader in aviation safety solutions. Incorporating their parachute system into our G-1 and US-1 platforms signifies a monumental step forward in ensuring the utmost safety of our operations. This feature is not just an enhancement; it is a fundamental component that underlines our commitment to safe, reliable, and efficient aerial solutions. Further, it is a pivotal integration for our sister company, Global Autonomous Corporation, to achieve Beyond Visual Line of Sight (BVLOS) flight permissions from the Dubai Civil Aviation Authority (DCAA) and within Dubai, UAE.”
Nathan Grier, Director of Flight Operations of Vayu, commented, “Our mission is to push the boundaries of aerial innovation and safety, ensuring that our operations not only meet, but exceed the stringent standards set forth by regulatory bodies worldwide. Our partnership with ParaZero is a testament to this commitment. Their unparalleled experience with EASA certifications positions us uniquely for the successful completion of Global Autonomous Corporation's Validation Test Campaign in Dubai and paves the way for our future EASA certifications in Europe. Integrating ParaZero's SafeAir systems into our fleet signifies a leap forward in operational safety and regulatory compliance, enabling us to undertake complex operations with confidence.”
ParaZero’s SafeAir is an uncrewed aircraft system (UAS) parachute recovery system that mitigates flight risks autonomously. The SafeAir system is equipped with integrated sensors that continuously monitor and analyze the drone’s flight patterns to identify any indications of a critical failure. When triggered, the SmartAir Pro™, ParaZero’s onboard computer, responds with an instantaneous activation of the SafeAir system. The system cuts power to the drone, alerts people on the ground with an audible alarm, and deploys a lightweight parachute, bringing the drone down to the ground in a safe, controlled descent.
About ParaZero Technologies
ParaZero Technologies Ltd. (https://parazero.com/
About Vayu Aerospace
Vayu Aerospace Corporation is a wholly owned subsidiary of Alpine 4 Holdings, Inc, a Nasdaq traded company trading under the ticker symbol ALPP. Vayu Aerospace resides under Alpine 4’s Aerospace portfolio of businesses.
https://alpine4.com/ https://vayuaerospace.com/
About Medigus
Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is a technologies company that is focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce, and electric vehicle markets. Medigus’ affiliations in the medical solutions arena consist of ownership in Polyrizon Ltd. Medigus’ affiliates in digital commerce include Gix Internet Ltd., Jeffs’ Brands Ltd. and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics Ltd. and Revoltz Ltd., by way of Fuel Doctor Holding, Inc., are also part of the Medigus’ portfolio of technology solution providers. Medigus is traded on the Nasdaq Capital Market. To learn more about Medigus’ advanced technologies, please visit http://www.medigus.com/
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Medigus’ current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Medigus could differ materially from those described in or implied by the statements in this press release. For example, Medigus uses forward looking statements when describing ParaZero’s growth prospects.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the SEC. Except as otherwise required by law, Medigus undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Medigus is not responsible for the contents of third-party websites.
Company Contact
Tali Dinarir@medigus.com
Investor Relations Contact:
Michal Efratymichal@efraty.com
What collaboration was announced by Medigus Ltd. (MDGS)?
Medigus Ltd. announced an expanded collaboration between ParaZero Technologies Ltd. and Vayu Aerospace Corporation to integrate safety systems into Vayu's delivery drones.
What is the market projection for VTOL unmanned aerial vehicles?
The global market for VTOL unmanned aerial vehicles is projected to reach $27.5 Billion by 2030, growing at a CAGR of 19.9% between 2022 and 2030.
What is ParaZero's SafeAir system?
ParaZero's SafeAir system is an uncrewed aircraft system (UAS) parachute recovery system that autonomously mitigates flight risks by deploying a parachute in case of critical failure.
Who is the Chief Executive Officer of ParaZero?
Boaz Shetzer is the Chief Executive Officer of ParaZero.
Who commented on the partnership with ParaZero from Vayu Aerospace Corporation?
Nathan Grier, Director of Flight Operations of Vayu, commented on the partnership with ParaZero.
