Defense Innovation Unit and U.S. Army to provide $3 million in additional funding to support final program milestones
SAN JUAN, Puerto Rico, Dec. 14, 2023 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, announces that its subsidiary Teal Drones (Teal) has been selected by the Department of Defense’s (DoD) Defense Innovation Unit (DIU) and the U.S. Army as one of two finalists competing in the Short Range Reconnaissance Tranche 2 (SRR T2) Program of Record. As part of being named a finalist, Teal will be awarded $3 million of additional funding to support final prototype development and completion of remaining SRR milestones.
Teal was previously one of three drone manufacturers selected to develop a next-generation small unmanned aerial system (sUAS) designed for intelligence, surveillance, and reconnaissance (ISR) for the U.S. Army. The ultimate goal of the SRR program is to provide small, rucksack portable sUAS capabilities to Army platoons (20-50 soldiers) for situational awareness beyond the next terrain feature.
“I’m excited to advance our collaboration with the U.S. Army as we seek to provide the ideal solution for SRR. We are grateful to have been selected as one of the two finalists in a program that began with more than 37 bidding vendors,” commented George Matus, founder of Teal and Red Cat’s Chief Technology Officer. “We’re developing our next generation product from the ground up to meet the highly specific requirements of SRR, with the mission of providing warfighters superhuman capabilities.”
Teal 2, the Company’s current flagship product, is built in Teal’s factory in Salt Lake City. It is an affordable, man-portable sUAS designed to “Dominate the Night™.” Teal 2 has a best-in-class night vision camera, fully modular design, multi-vehicle control, and artificial intelligence capabilities. The drone is designed to support U.S. military operations, public safety organizations, and U.S. government agencies in a variety of environments. It is both Blue UAS Certified, which indicates its approval by the Department of Defense, and FAA Remote ID approved.
About Red Cat Holdings, Inc.
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government and commercial operations. Red Cat’s solutions are designed to “Dominate the Night™” and include the Teal 2, a small unmanned system offering the highest-resolution thermal imaging in its class. Learn more at www.redcatholdings.com.
Forward-Looking Statements
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Contacts
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Phone: (516) 222-2560
Email: media@redcat.red
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Phone: (516) 222-2560
Email: investors@redcat.red
Website: https://www.redcatholdings.com
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