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AeroVironment, SoftBank In $65M JV To Develop Unmanned Aircraft

Monrovia, California-based AeroVironment said on Wednesday that it is in a joint venture to develop a solar powered, high-altitude, long-endurance unmanned aircraft system, potentially worth up to $65,011,081. The joint venture is with HAPSMobile, which is 95 percent owned by Japanese technology giant SoftBank Corp.. According to AeroVironment, the unmanned aircraft would be aimed at developing a high-altitude long-endurance, or HALE, UAS for commercial operations. Those solar powered craft are being aimed at "pseudo-satellite" applications. Aerovironment said it will contribute $5M in capital for up to 5 percent ownership of the joint venture, and has the option to increase its ownership in HAPSMobile up to 19 percent.