Image Sourced ShutterStock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • ParaZero has announced its secured a second waiver with drone cinematography company Beverly Hills
  • This waiver comes just two weeks after the first waiver was granted using ParaZero’s SafeAir Phantom and ASTM Professional Kit
  • This clause is slightly different, it allows Beverly Hills to operate over moving vehicles on enclosed sites

Drone safety company ParaZero has announced it has secured a second waiver with drone cinematography company Beverly Hills Aerials just two weeks after its first to general contractor Hensel Phelps.

This waiver confirms the process, using ParaZero’s ASTM Compliant product is replicable and scalable. This was outlined in a previous announcement and reads, “this process is scalable and available to other applicants who propose to use the same drone and parachute combination.”

The waiver for Beverly Hills includes a clause which allows them to operate over moving vehicles on closed-in sites. This is important to the company as their clients include major car companies and film and TV studios and networks.

The ASTM kit offers commercial operators the required compliance documentation that can be submitted for operational waivers and approvals.

The first waiver was approved by the Federal Aviation Agency which allows for the company, Hensel Phelps, to fly over people using ParaZero’s SafeAir Phantom Parachute System.

The safety system independently monitors key flight parameters of the drone’s internal and external systems. When critical failures are identified the mechanical flight termination stops the rotors and a parachute is deployed.

The parachute deploys to full canopy in a matter of seconds, controls the descent and enables a safe flight over people. The drone is then brought safely to the ground which minimises the impact.

ParaZero’s shares are currently sitting at $9.80 with a market cap of $10.35 million.

PRZ by the numbers
More From The Market Online
A market trading board with ASX marked on the side.

‘Shine a light’: ASX to get more aggressive on companies ‘not up to scratch’ on disclosures

The Australian Securities Exchange (ASX:ASX) will be taking poor disclosure from market-listed companies far more seriously through this next
Bitcoin token concept

AMP becomes first super fund in Oz to invest in crypto – is it just a PR stunt?

AMP (ASX:AMP) has become the first superfund player in Australia to make a strategic investment in…
New Zealand logo on a building in Wellington

Shayne Elliott to step down at ANZ, HSBC exec named as new CEO

ANZ said that Nuno Matos - who has 30 years of experience across various aspects pof…
AI gen wind turbine

HMC Capital snatches French Neoen’s VIC-based renewables assets for $950M

HMC Capital (ASX:HMC) has paid $950 million to pick up France-based renewables giant Neoen’s Victorian assets.