Date: Aug 08, 2022 Author: Mark Dennis Source: PR Newswire (
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Company's Lightweight Power Systems Will Fuel Future UAV Development
SAN LUIS OBISPO, Calif., August 8, 2022 /PRNewswire/ -- Edge Autonomy, a leader in unmanned and autonomous technology, announced today that it has acquired Adaptive Energy (or "the Company"), a global leader in Recognized Designer and Manufacturer. Solid Oxide Fuel Cells (SOFC) for backup, off grid and UAV power. Terms of the transaction were not disclosed.
With more than two decades of fuel cell manufacturing expertise and approximately 2,000 SOFC systems deployed worldwide, Adaptive Energy is a leading provider of SOFCs for low-wattage power. The company's innovative solutions are used by US federal agencies and commercial customers in the military, critical infrastructure and transportation end-markets. In addition, Adaptive Energy's lightweight, energy-intensive SOFC has been integrated into Edge Autonomy's UAV platform as a key technology for more than 10 years.
Based in Ann Arbor, MI, Adaptive Energy's proprietary technology is based on 12 active patents that were developed by some of the world's leading authorities in microtubule solid oxide fuel cell technology. Adaptive Energy CEO Michael Edison and chief engineer Tom Westrich, Ph.D., will remain with the company.
This is the first add-on acquisition since the formation of Edge Autonomy following the merger of UAV Factory and Jennings Aeronautics in February 2022. Edge Autonomy is a portfolio company of AE Industrial Partners ("AEI"), a US-based private equity firm. Specializing in aerospace, defense and government services, space, power and utility services and specialized industrial markets.
"Having used Adaptive Energy's SOFC for years, we know for the first time what the team will bring to Edge Autonomy and our customers," said John Purvis, Edge Autonomy's CEO. "Adaptive Energy has done an impressive job investing in R&D, and we plan to leverage the company's technology and research as we explore new ways to advance and improve the performance of our autonomous systems. I look forward to working with it. As the Adaptive Energy team we continue to innovate together."
Edge Autonomy brings a diverse ecosystem of unmanned platforms, EO/IR camera payloads and global reach with manufacturing and flight test facilities that serve customers with innovation, speed and agility. With a talent pool that includes some of the world's top unmanned systems engineers and payload sensor experts, Edge Autonomy is well-positioned to support customers' Intelligence, Surveillance and Reconnaissance (ISR) operations in innovative and cost-effective ways .
"The support that both Edge Autonomy and AEI can provide will allow us to focus our attention on developing state-of-the-art SOFC power solutions for industry and the military," Edison said. "We believe joining Edge Autonomy will provide our customers a path to greater growth, and we look forward to looking forward to it."
"Adaptive Energy has been a pioneer in developing highly reliable, sustainable and lightweight power sources that can increase the duration and effectiveness of UAV missions and transform the industry," said AEI Principal Jeffrey Hart. "AEI is proud to support this partnership, which will allow both companies to work together to gain a significant competitive advantage."
Ackerman LLP acted as legal advisor and RSM US LLP acted as financial advisor to Edge Autonomy. Koenig, Oelsner, Taylor, Schoenfeld & Gaddis PC served as legal advisor to Adaptive Energy.
About Edge Autonomy
Headquartered in San Luis Obispo, CA, Edge Autonomy is a leader in unmanned and autonomous technology. Founded with the goal of developing the most advanced tactical platforms and sensors in the unmanned market, the company's unmanned technologies are used by government, commercial and academic customers in 57 countries. Edge Autonomy benefits from its vertically integrated operations and global footprint, which includes more than 150,000 square feet of manufacturing facilities on two continents, with major support offices located in Bend, Oregon and Herndon, Virginia. More information is available at www.EdgeAutonomy.io For updates, follow us on Twitter, LinkedIn, Instagram, YouTube and Facebook.
About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in aerospace, defense and government services, space, power and utility services, and specialty industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its deep industry knowledge, operational experience and relationships in their target markets. AE Industrial Partners is a signatory to the ILPA Diversity in Action Initiative and United Nations Principles for Responsible Investing. Learn more at www.aeroequity.com.
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