SHARES IN DRONE FIRM SOAR
SHARES in DroneShield soared after the drone security firm won its biggest ever order for DroneGuns, a device that resembles a rifle and disables drones electronically.
The $3.2 million order for 70 DroneGuns comes from an unspecified Middle Eastern country allied with western governments.
DroneShield says the country is a sophisticated user of security and defence equipment, with one of the largest defence budgets in the world. DroneShield shares rose 2.5¢, or 13.8 per cent yesterday to close at 20.5¢.
The company is based in Sydney and Virginia in the US, and its DroneGun is a lightweight radio-frequency jamming device with a range of up to one kilometre. DroneShield chief executive Oleg Vornik said the order is likely to be just the beginning of the company’s relationship with the Middle Eastern country’s ministry of defence.
“We believe that this is a company-making sale and a game-changer for DroneShield,” he said in a statement.
“This sale, the largest ever in the industry for this kind of equipment, establishes DroneShield as the leader in the industry.