Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) and Korea's Hankuk Carbon from Korea have signed an agreement to establish a joint venture company. The joint venture, which will be called Korea Aviation Technologies (KAT), will focus on development and manufacturing of unmanned aerial vehicles (UAVs) with vertical takeoff and landing (VTOL) capabilities that will target the military and civilian Korean market. The signing ceremony was held during the International Aerospace and Defense Exhibition (ADEX) 2017 in Seoul.
Setting up the joint venture, follows the memorandum of understanding signed by the companies in January 2016 and the joint demonstration of the FE Panther held in December 2016 in Korea. The FE Panther Hybrid is a powered VTOL UAV, which uses three electrical motors for vertical lift and an internal combustion engine for horizontal flight. It can endure 8 hours of flight time, carry a 6 kilogram payload and fly over a maximum radius of 130 kilometers.
KAT will develop and manufacture the next generation VTOL UAV- with an maximum take-off weight (MTOW) of 300-450Kg and in the future may develop and manufacture other VTOL UAVs for both military and civilian applications. The joint venture will support the operational needs of its customers while advancing Korean technologies.
Hankuk Carbon CEO Moon-Soo Cho said, "Both companies have established a firm relationship within a short period of time, and the result will be passed on to the HC-IAI joint venture. The UAS system with innovative hybrid propulsion system produced under KAT's name will set up a new standard of the UAV industry. Also, Hankuk Carbon's composite material and aircraft components business will create a synergic effect with KAT." IAI EVP and Military Aircraft Group general manager Shaul Shahar said, "IAI is excited about the establishment of the joint company. Hankuk Carbon brings to the venture strong manufacturing capabilities and know-how. Together with IAI`s UAVs and aircraft design capabilities, the new company will be able to meet Korean military and civilian VTOL requirements. I am confident the collaboration will spur the growth of VTOL systems in Korea."
Published by Globes [online], Israel business news - www.globes-online.com - on October 17, 2017
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