AeroVironment Receives $16.5 Million of Funding from U.S. Army for RQ-11B Raven Small Unmanned Aircraft Systems with Miniature Gimbaled Payload

September 05, 2012
  • Total projected value of contract action is $65.9 million; $32.3 million in funding for orders received to date 
  • Payload integrates an electro-optical and infrared video sensor for improved tracking capabilities 
  • Modular payload compatible with existing RavenⓇ systems   

MONROVIA, Calif., Sept. 5, 2012 -- AeroVironment, Inc. (NASDAQ:AVAV) today announced it received $16,472,298 in additional funding to perform on Aug. 10, 2012 from the United States Army under a contract action with a total projected value of $65,889,191. The company announced the initial $15.8 million funding of that contract action on June 1, 2012.

The overall contract action includes RQ-11B Raven systems, new miniature gimbaled payloads and initial spares packages and is funded from the Army's fiscal 2012 procurement budget. Delivery of systems, spares and payloads is scheduled for completion by June 30, 2013.

Weighing 450 grams, the ruggedized, multi-axis Mantis i23 payload for the Raven system houses an electro-optical and infrared thermal video sensor in addition to a laser illuminator. The single payload replaces two separate sensor payloads on the Raven air vehicle, delivering daytime and nighttime capabilities from a single package.

"The Army is quickly and easily integrating the new miniature gimbaled payload into the Raven systems because of its reliability in providing superior imagery and tracking capability in harsh environments," said Roy Minson, AeroVironment senior vice president and general manager, Unmanned Aircraft Systems. "We anticipate our new payload, an example of our focus on continuous and cost-effective capability enhancement for the warfighter, will become a standard component of currently fielded and future Raven systems."

The RQ-11B Raven unmanned aircraft system is a 4.2-pound, backpackable, hand-launched sensor platform that provides day and night, real-time video imagery wirelessly to a portable ground control station for "over the hill" and "around the corner" reconnaissance, surveillance and target acquisition in support of tactical units. U.S. armed forces use Raven systems extensively for missions such as base security, route reconnaissance, mission planning and force protection. Each Raven system typically consists of three aircraft, two ground control stations and spares.


About AeroVironment, Inc. (AV)

AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty.Based in California, AeroVironment is a global leader in unmanned aircraft systems, tactical missile systems and electric vehicle charging and test systems, and serves militaries, government agencies, businesses and consumers. For more information visit www.avinc.com.


Safe Harbor Statement

Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.


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AeroVironment, Inc.
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Mark Boyer
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