EU to inject 10 mln euro into Bulgaria's Dronamics

Dronamics expects to begin operations as early as this year upon completing its flight test programme, it said in a statement on Tuesday. The company's flagship Black Swan drone will be able to carry 350 kg at a distance of up to 2,500 km.

Initial flights will operate out of Greece, given the demand for faster, cheaper and greener air freight solutions due to the over 300 inhabited islands.

The fresh funding follows an earlier 2.5 million euro grant from the EIC under its Accelerator programme in November 2022, when the company was one of 74 candidates selected to receive funding out of nearly 1,000 applicants across the EU.

The EIC's support underlines the potential of Dronamics' cargo mobility solution and its impact on the European and global economies. It also reflects the programme's commitment to advancing innovation in mobility, which contributes to the EU's competitiveness in transportation and facilitates the free movement of goods, the company said.

Additionally, Dronamics co-founder and CEO Svilen Rangelov has been asked to become an EIC ambassador.

In January, Dronamics became a founding member of the EU Future Mobility Taskforce, a group of 16 start-up, scale-up and unicorn mobility companies that will advise the EU in global transport innovation.

As of 0945 CET on Wednesday, shares in Dronamics's special purpose vehicle Dronamics Capital [BUL:DRON] traded flat at 2.49 levs ($1.38/1.27 euro) on the BEAM growth market of the Sofia bourse.

($ = 0.9213 euro)