Terra Drone has made its move in the European market after acquiring a stake in Inkonova, a Swedish aerial robotics firm for underground mining.
The deal is comprised of a cash injection and changes to the management team, as well as technical, business development, and operational collaborations. Terra Drone did not disclose how much of the business it had acquired, except to say that it was a “significant” percentage.
As part of the deal, Inkonova will supply Terra Drone with the core of its UAV technology, including anti-dust and waterproof platforms and infrastructure-denied autonomous navigation.
Terra Drone on the other hand will, apart from financing, provide global clients, local offices, pilots, post-processing capacity, and broader commercial and technical domain expertise.
Co-founder and CEO of Inkonova, Ahmed AlNomany, said: “We feel reinforced, a sort of graduation. Terra Drone’s global network of clients, post-processing domain, service-based business model, customer experience, technical personnel, and human and financial resources, will help us dramatically ramp our business development and commercial-readiness efforts, taking our technology to the next level.”
In line with the partnership, Inkonova’s products will undergo rebranding to streamline with Terra Drone products, details of which will be announced later this month.
Toru Tokushige, the founder and CEO of Terra Motors Corporation and the Terra Drone Corporation, will be appointed as a board member.
On the acquisition, he said: “It is a prerequisite to rapidly expand the integration of mining field services with other reliable Terra Drone partners based around the globe. Underground mining still has huge issues so I hope the cooperation between Terra Drone, with its broad network and innovative technologies and Inkonova, the eminent company for mining drone services, contributes to the rapid and further technical improvements for underground safety and productivity.”