HeadlinesBriefing favicon HeadlinesBriefing.com

Powerus signs Pakistan drone agreement

Financial Times Companies •
×

Powerus, a drone maker backed by Donald Trump Jr and Eric Trump, says it is negotiating to sell defence technology to Pakistan as part of a deal to reduce Islamabad’s reliance on China.

The company signed a memorandum of understanding with Field Marshal Asim Munir, Pakistan’s de facto leader, on Wednesday. The agreement would lay the groundwork for “joint ventures to localise manufacturing” in Pakistan and provide for sales of drone and interceptor products to Pakistan’s military. It also included an initial order for drone-related technology, though commercial terms were not disclosed.

Brett Velicovich, Powerus’s president and co-founder, said US policy was awakening to sharing more drone systems with countries such as Pakistan. China accounts for roughly 80 per cent of Pakistan’s defence imports by volume, according to the Stockholm International Peace Research Institute.

Powerus, founded last year as Autonomous Power Corp, is set to go public through a merger with Nasdaq-listed Aureus Greenway Holdings. It makes about 3,000 drone interceptors a month, sells them for $5,000 each, and last month signed a $90mn deal with the US Air Force.