Drone-crash preventer Parazero delivers first sales of chutes for Chinese drones
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Parazero has come through on pre-listing promises to sell drone parachutes, delivering its first orders to US and Australian retailers selling a Chinese-built drone.
The purchase orders were for an undisclosed number of drone chutes for the Matrice 200 drone, made by Chinese outfit SZ DJI Technology Co.
And if investors had any doubt, Parazero (ASX:PRZ) assured them that the deals “illustrates the ability of the company to create successful products”.
The parachute was specifically designed for the Chinese drone model.
The Israeli company said the first batch was a “small order” valued at “several tens of thousands of USD”, and is not a material revenue earner.
“These purchase orders show the confidence that our retailers and distributors have in ParaZero’s drone safety systems. In my opinion, these orders will continue to increase as we continue to expand our commercial marketing channels,” CEO Eden Attias told investors.
“We are continuing to expand our commercial presence and provide additional distribution and sales channels, both locally and globally.”
Parazero was forced to delay its listing on the ASX until last week, after the market operator asked for more information.
Its marquee product is SafeAir, a system designed to stop crashing drones from hitting people in the head by switching off systems and deploying a parachute if a drone’s vital signs look shaky.
Parazero shares opened up 6 per cent at 18c.