By Stephen Nakrosis
Shares of ZenaTech rose after the drone maker said it has begun work on a longer-range, gas-powered version of its ZenaDrone 1000 model for use by the U.S. military and NATO.
In early afternoon trading Tuesday, the company's shares were up 16% at $6.09. The Vancouver, British Columbia, company said analysts estimate the global market for military drones to grow to $47 billion by 2032 from $14 billion now.
ZenaTech said gas-powered drones offer longer flights, higher payload capacities, and greater operational ranges than their battery-powered counterparts, making them well-suited for long-endurance missions such as reconnaissance and border patrol.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
January 14, 2025 13:27 ET (18:27 GMT)
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