ZenaDrone partners with Eagle Point to pursue US defense contracts

VANCOUVER - ZenaTech, Inc. (NASDAQ:ZENA), trading at $5.69 and showing strong momentum with a 24.5% revenue growth over the last twelve months, announced Thursday that its subsidiary ZenaDrone has formed a strategic partnership with Eagle Point Funding to pursue US defense contracts. According to InvestingPro data, analysts anticipate continued sales growth for the current year.

The collaboration aims to leverage Eagle Point’s expertise in research and development grant programs to help ZenaDrone identify opportunities and prepare competitive proposals for US defense and government agencies.

Eagle Point Funding specializes in helping technology companies secure non-dilutive federal R&D grants and contracts from agencies including the Department of Defense, Air Force, Navy, and the Defense Advanced Research Projects Agency (DARPA).

"Our collaboration with Eagle Point Funding will accelerate testing, pilot deployments, and enable long-term procurement discussions," said Shaun Passley, CEO of ZenaTech.

ZenaDrone has previously completed paid trials with the US Air Force and Navy Reserve, demonstrating capabilities including delivery of critical supplies such as blood in field operations.

The company’s military drone portfolio includes the ZenaDrone 1000, IQ Nano, and IQ Square, designed for applications such as inspections, surveillance, reconnaissance, and indoor inventory management for warehouses and armories.

ZenaTech develops AI drone technology, Drone as a Service (DaaS), enterprise SaaS, and quantum computing solutions. The company operates through offices in North America, Europe, Taiwan, and UAE, according to the press release statement.

In other recent news, ZenaTech, Inc. has made several strategic moves that could impact its operations and growth. The company announced the development of its first quantum computing prototype, which is designed to rapidly analyze and process large datasets captured by AI drones. This innovation was tested using weather forecasting algorithms as part of the Clear Sky project. Additionally, ZenaTech has signed an offer to acquire a California-based civil engineering and land surveying firm. This acquisition aims to provide a foothold in California’s agricultural market, where the company plans to expand its drone services.

Moreover, ZenaTech’s subsidiary, ZenaDrone, submitted its IQ Square drone for Green UAS certification, a crucial step toward getting on pre-approved procurement lists for the U.S. Department of Defense and government buyers. The company also announced plans to triple the size of its Phoenix, Arizona facilities to boost US drone manufacturing, assembly, and testing. This expansion is driven by recent US policy changes that have facilitated federal funding and streamlined procurement processes. These developments indicate ZenaTech’s strategic focus on enhancing its technological capabilities and expanding its market presence.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.