Sofia, Nov 25 (BTA/GNA) – Bulgarian-owned cargo drone developer Dronamics announced Thursday that it has received a EUR 2.5 million grant from the European Commission under the European Innovation Council’s (EIC) “Accelerator” programme. The Council has also stated its intention to support Dronamics’ upcoming round of funding which is expected to unlock the next phase of the company’s development.
The funding will support the development of the company at scale, as well as the construction of the first drone ports in Europe.
The European Union is home to millions of people living in territories where traditional freight often takes days to reach. “Dronamics aims to democratise air freight, making fast and reliable deliveries accessible to companies and communities everywhere, especially in remote and hard-to-reach areas,” the announcement said.
“We are honoured to receive this support from the European Innovation Council, further proof of the potential of drone logistics in EU’s economy as a whole. We will use the financial support to lay the foundations of our operations in Europe and continue to drive innovation in the new sector in which we operate. Our goal is to revolutionize the cargo industry through the latest aviation technologies,” said Svilen Rangelov, co-founder and CEO of Dronamics.
Dronamics was one of the few companies to receive funding from the Accelerator programme among nearly 1,000 applicants, the release added. On the Stock Exchange, Dronamics shares are trading at BGN 3.00 each.
BTA/GNA