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Unusual Machines to Acquire Upgrade Energy, Enhancing Battery Manufacturing
Unusual Machines, Inc., known for its NDAA-compliant drone components, announced a merger agreement with Upgrade Energy, a firm specializing in battery and power systems for unmanned aerial systems. The acquisition, valued at around $52 million, involves cash, stock consideration, and a performance-based earnout.
This deal enhances Unusual Machines' engineering and manufacturing capabilities domestically. Upgrade Energy's facility in Torrance, CA, employs about 30 personnel. Unusual Machines plans to expand operations with a new facility in Orlando, FL.
Allan Evans, CEO, emphasized the importance of battery systems in drone reliability, describing Upgrade Energy’s expertise as unparalleled. Matthew Barnard, CEO of Upgrade Energy, highlighted the strategic advantages of merging with Unusual Machines.
The transaction is subject to customary closing conditions, including an audit for Upgrade Energy for 2025. Post-acquisition, Upgrade Energy will operate under Unusual Machines' expanding portfolio.
R. P.
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