Unmanned and autonomous technology company Edge Autonomy has entered an agreement to acquire alternative fuel producer Adaptive Energy for an undisclosed sum.
With the business move, Edge Autonomy has added a capability to manufacture solid oxide fuel cells — Adaptive Energy’s specialty — which enable their team to power unmanned aerial vehicles, among other usages, the San Luis Obispo-headquartered company said Monday.
John Purvis, CEO of Edge Autonomy, explained that the company has been utilizing AE’s SOFC technology for multiple years and said they are excited to amplify the latter organization’s research and development efforts in order to discover new pathways toward efficient and multipliable autonomous vehicle functionality.
“I look forward to working with the Adaptive Energy team as we continue to innovate together,” Purvis added.
Currently owned by AE Industrial Partners, Adaptive Energy has worked to harness its SOFC products for low-watt energy sources through honed fuel cell manufacturing processes. They have then marketed the fuel source to industries such as defense, critical infrastructure and transportation and sold it to U.S. government entities and private sector businesses alike.
Once the acquisition is complete, Edge Autonomy plans to employ AE’s portfolio of services for its various unmanned technologies and tools and EO/IR camera payloads. EA expects the business combination to strengthen their ability to serve their clients’ intelligence, surveillance and reconnaissance needs.
“AEI is proud to support this partnership, which will allow both companies to gain significant competitive advantages by working together,” commented Jeffrey Hart, AEI principal.
Incepted after the merger of UAV Factory and Jennings Aeronautics in February, Edge Autonomy’s purchase of Adaptive Energy is the first major acquisition deal under their new moniker.
For the transaction, Akerman LLP was legal advisor for the Edge Autonomy team, while Koenig, Oelsner, Taylor, Schoenfeld & Gaddis PC counseled Adaptive Energy. RSM US LLP was the financial advisor for Edge Autonomy.