By Sabela Ojea
Shares of ZenaTech surged after the company said that its subsidiary ZenaDrone has moved into its a new manufacturing facility in Phoenix to produce U.S. defense and NATO drones.
The stock was up 68% to $10.07 Thursday.
The technology company specializing in AI said the new facility will produce 1000 multifunction autonomous AI drones for the U.S. military.
Overall, the plant will accommodate drone manufacturing and assembly, research and development, sales, pilot and training teams. It has an aeronautical test range site for demonstrations, ZenaTech said.
"Expanding our Arizona presence from a sales office to a manufacturing facility, including flight testing, and an R&D center where we can continue our quantum computing-based sky traffic project applied to defense applications is a key part of our development strategy," Chief Executive Shaun Passley said.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
December 19, 2024 15:08 ET (20:08 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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