- Aerospace business Quickstep (QHL) has signed a strategic supply agreement with drone-powered logistics company Swoop Aero
- Quickstep is supplying engineering and manufacturing services, tooling and an initial production run of aircrafts for Swoop’s KITE unmanned cargo aircraft
- The deal is initially valued at $1.5 million with the delivery period expected to run through to mid-next year, but there’s potential to supply more aircraft ship sets in future
- In addition, Quickstep agrees to invest $2 million in convertible notes which may convert into a minority stake in Swoop Aero’s parent company, Kookaburra Aerospace
- QHL shares are trading steady at 5.3 cents at 3:11 pm AEDT
Quickstep (QHL) has signed a strategic supply agreement with Swoop Aero.
Based in Australia, Swoop Aero is a drone-powered logistics company aimed at making access to the skies more seamless. Its goal is to provide a service accessible by one billion people by 2030.
Under this partnership, Quickstep will supply Swoop with engineering and manufacturing services, tooling and an initial production run of aircrafts for Swoop’s recently launched KITE unmanned cargo aircraft.
To ensure essential supplies and services are delivered, the KITE aircraft can fly 130 kilometres in 90 per cent of wind conditions, with three kilograms of payload.
The deal has an initial order value of $1.5 million with a delivery period expected to run through to mid-2022. However, there’s potential to supply a much larger number of aircraft ship sets in the future if there’s a demand.
Quickstep CEO Mark Burgess was pleased to partner with Swoop Aero.
“Their technical achievements and demonstrated operational capability make them a great launch customer for the recently established Quickstep Advanced Air Mobility business and further develops our ability to access the dynamic and rapidly growing unmanned aerial vehicles (UAV) market,” Mr Burgess said.
Similarly, Swoop CEO Eric Peck said the partnership with Quickstep furthered its goal of keeping manufacturing and innovation local.
“With demand for our services increasing worldwide, this strategic partnership will further support the growth targets for our manufacturing capability. Thanks to Quickstep, we can guarantee that our manufacturing team can meet the increased demand for our aircraft, with up to 1000 aircrafts already planned for manufacture in 2022.”
Quickstep also signed a deal to invest $2 million in convertible notes which may convert into a minority stake in Swoop Aero’s parent company, Kookaburra Aerospace. The company will pay $500,000 in cash and the remaining $1.5 million as a credit against invoices under the supply agreement.
QHL shares were trading steady at 5.3 cents at 3:11 pm AEDT.