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UUV Aquabotix Limited (ASX:UUV) is an Australian based underwater robotics company engaged in the manufacturing of commercial and industrial-grade underwater drones that are smart, small, and easily deployable. Mostly high-end consumers and military applications are the users of these drones. UUV is the worldâs first company that is providing swarming underwater drones which are available commercially. It launched these drones on 9 April 2018. These drones are smart, ultra-portable, highly versatile surf zone operable, and deployable from any platform.Â
Today, the company declared that it had signed a new contract to support the United States Navy project. The amount of the contract is approximately US$70,000. The project requires further developments to its trademarked product âAquabotixâs SwarmDiver.â The deal will close after complete testing and demonstration is done by the U.S. Navy personnel. This is the second time that UUV has been associated with the US Navy in the last seven months.
As per the management, the company feels proud and excited for getting the opportunity for the second time to serve the US Navy. After further developments to the drones required by the US Navy, it will be able to use it in numerous mission types. Further, the development will provide more flexibility to use the drones while maintaining the benefits of conducting an unmanned mission.
On 21 December 2018, the company signed a Memorandum of Understanding (MOU) with Thales, a global leader in defence, focussing on underwater technology and mine countermeasures with reported sales of â¬15.8 billion in 2017. The MOU stated the strategic cooperation for the research, design, and development of Mine Counter Measures (MCM) and military hydrographic autonomous system mission solution. The objective of the MOU was to minimize the adverse impact of mines on naval and commercial shipping activities globally while removing personnel from harmâs way.
On 29 November 2018, UUV introduced three new products to the SwarmDiver family. The SwarmDiver STEALTH line is developed with a ruggedized exterior coating, a low-noise emitting motor, and no visible vehicle status to be used by military end-user and large defense company for collecting intelligence and transferring data in littoral environments. The SwarmDiver NIGHTLINE has similar features to the STEALTH line but has an added ultraviolet (UV) coating to make nighttime recovery easier. It was explicitly created to support special operations missions. The SwarmDiver EDGE line is loaded with lights having the high intensity for the purpose of creating a visual boundary and other similar uses. It was specifically built for security, deterrence, and harbor management system.
On 14 November 2018, the company announced that it has successfully demonstrated its drones at Advanced Naval Technology Exercise (ANTX) 2018 and it has sought approval to participate in the ANTX 2019.
During the year 2018, the stock price has plunged by 44.32% falling from 8.8 cents at the beginning of the year to 4.9 cents on 31 December 2018. Post the positive announcement today, the scrip price is up by 2.041% and is currently trading at 5 cents per share, at the close of trading session.
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