Red Cat Subsidiary Teal Drones Selected for $750K Manufacturing Modernization Grant from State of Utah
2023年11月8日 - 9:30PM
Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”),
a drone technology company integrating robotic hardware and
software for military, government and commercial operations, today
announces that its subsidiary Teal Drones has been selected to
receive a $750,000 Manufacturing Modernization Grant from the State
of Utah.
Teal is among the recipients of the $10 million Utah
Manufacturing Modernization Grant, awarded by the Governor’s Office
of Economic Opportunity as an incentive for Utah businesses to
modernize, establish, relocate, retain or develop manufacturing in
the state. Its goal is to modernize manufacturing, increase supply
chain resilience and decrease American dependence on foreign
manufacturing in Utah.
This grant will help expand Teal’s manufacturing capability and
ensure that both existing and future vertically integrated products
will be manufactured in Teal’s South Salt Lake facility.
The company’s flagship Teal 2, introduced in April 2023, is
designed to “Dominate the Night™” with its best-in-class night
vision camera, fully modular design, multi-vehicle control and
artificial intelligence capabilities. The Teal 2 features the
latest intelligence, surveillance and reconnaissance technology,
delivering time-critical information and enabling operators to make
faster, smarter decisions. Outside of defense, Teal 2 is also being
used for public safety, land and fire management, and
infrastructure inspection use cases.
“We’re grateful to the State of Utah and the Governor’s Office
of Economic Opportunity for selecting Teal as a recipient of this
grant,” said George Matus, Teal founder and CEO. “This is a big
step toward rebuilding America’s drone industrial base and
expanding manufacturing on domestic soil. Drones are critical to
the future of Defense and Teal is positioned to fulfill the
exponentially growing demand from America and its allies.”
About Red Cat Holdings, Inc. Red Cat
(Nasdaq: RCAT) is a drone technology company integrating robotic
hardware and software for military, government and commercial
operations. Red Cat’s solutions are designed to “Dominate the
Night™” and include the Teal 2, a small unmanned system offering
the highest-resolution thermal imaging in its class. Learn more at
www.redcatholdings.com.
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certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate. These and other
risks and uncertainties are described more fully in the section
titled "Risk Factors" in the final prospectus related to the public
offering filed with the Securities and Exchange Commission.
Forward-looking statements contained in this announcement are made
as of this date, and Red Cat Holdings, Inc. undertakes no duty to
update such information except as required under applicable
law.
Contacts NEWS MEDIA: CORE Public
RelationsPhone: (516)
222-2560 Email: media@redcat.red
INVESTORS: CORE IR Phone: (516)
222-2560 Email: investors@redcat.redWebsite: https://www.redcatholdings.com
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