WASHINGTON (dpa-AFX) - The Department of War's Office of Strategic Capital announced that it has signed a conditional loan commitment of up to $450 million to Neros, Inc., a U.S.-based developer and manufacturer of dual-use small unmanned aircraft systems.
This investment is intended to support Neros' domestic manufacturing expansion and reduce reliance on foreign-made components.
The Department of War's financing alongside additional private capital will support Neros' planned expansion of vertically integrated domestic manufacturing capacity to produce dual-use small drone platforms, ground control systems, and critical components like motors, radios, flight electronics, sensors, and batteries.
'Neros has already demonstrated an ability to design, manufacture, and deliver exceptional small unmanned aircraft systems,' said David A. Lorch, Director of the Office of Strategic Capital and Senior Advisor to Deputy Secretary of War Steve Feinberg. 'OSC's investment will turbocharge Neros' ability to manufacture drones and components critical for the production of drone systems.'
Neros designs and produces low-cost, high-performance drones. The company's manufacturing facility in Torrance, California will help onshore the production of complete drone systems as well as critical subcomponents including propulsion motors, flight stacks, radios, and thermal sensors. This vertically integrated capacity will support both Neros' internal production and the supply of critical, NDAA-compliant components to other U.S. and allied drone manufacturers.
'Winning the drone industrial-base competition requires the United States to be able to manufacture complete systems at scale and at competitive prices for both military and non-military applications. This starts with bolstering the domestic supply of critical components inside all drone systems,' said James R. Shanahan, Senior Managing Director (Investments) at OSC.
'Neros' vertically integrated approach would support the creation of significant incremental domestic component capacity for Neros and the broader unmanned-systems ecosystem.'
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