Unusual Machines, Inc. (NYSE:UMAC), a leading manufacturer of NDAA-compliant drone components, today announced it has signed a definitive agreement to acquire DroneNX LLC, which operates as Upgrade Energy, a manufacturer of battery and power systems solutions for unmanned aerial systems.
The transaction is valued at approximately $52 million and is expected to consist of a combination of cash and stock consideration, including a performance-based earnout.
The acquisition adds battery expertise to Unusual Machines' domestic manufacturing and engineering operations, broadens the Company's capabilities by adding new drone components, and strengthens its domestic manufacturing capabilities.
Upgrade Energy currently operates out of an 18,500-square-foot facility in Torrance, CA and employs approximately 30 engineering and production personnel. Unusual Machines plans to expand battery pack operations by adding a second production facility in Orlando in the coming months.
"Batteries are a foundational part of drone power systems and have a huge impact on performance and reliability," said CEO Allan Evans.
"Upgrade Energy adds the best battery and power systems expertise we have worked with. In addition to the battery expertise, Matt and the entire Upgrade team share our culture, attitude, and represent a huge windfall in terms of adding talent to our workforce."
UMAC shares $1.24, or 9.2%, to $14.66.
