Drone Detector A Winner On ASX
US-based drone defence system outfit DroneShield has made a successful debut on the Australian Securities Exchange (ASX), with its shares ending its first day of trading at 30 cents, up 50 percent on the issue price of 20c, after touching a high of 38c.
DroneShield technology is claimed to be capable of detecting and intercepting small unmanned aerial vehicles and alerting the potential target. However it doesn’t – at this stage at least – appear to offer a means of stopping or bringing the drones down.
Customers for its technology include power plants and other infrastructure that may be potential targets in the future. “Other potential clients include prisons (for instance, items being dropped from drones to prisoners)” and “ultra-high net worth individuals and airports” the US company says.
According to DroneShield, an estimated 12 million commercial drones will be operating worldwide by 2020.
Its execs say they chose to launch on the Australian stockmarket, rather than US bourses, because the company was too small for the US exchanges – and ASX fees are cheaper. CEO James Walker yesterday noted that Australia has a good talent pool of engineers – the company plans to move its R&D to Australia, and will establish a team of up to 50 engineers here.