Dronamics, which designs, builds and operates the only long-range, high payload cargo drones in Europe, has been put forward for an equity investment of up to €30 under the European Innovation Council (EIC) Strategic Technologies for Europe Platform (STEP) programme.
The EIC STEP Scale Up scheme offers financial support in the form of investments of between €10m and €30m to start-ups, small- and medium-sized enterprises (SMEs) and companies of small mid-cap levels of market capitalisation.
Its goal is to ‘scale-up’ innovation in Europe’s strategic technology sectors, thereby enhancing the E’s economic and technological competitiveness.
A Dronamics statement described the EIC evaluation as having pointed to its technology having the potential to “generate significant societal and economic benefits, aligning with the European Union’s priorities for economic growth and territorial cohesion”.
EIC STEP funding can also be used to leverage private co-investment and thereby achieve financing rounds of €50m to €150m or more, Dronamics pointed out.
The EIC Fund will make its final investment decision – in this case of up to €30m –following a process of due diligence, Dronamics noted.
Dronamics has previously been awarded a grant of €2.5m under the EIC Accelerator programme, a decision announced in November 2022, while the EIC is also an equity investor in Dronamics, having supported the company with an investment of €10m in early 2024.
Svilen Rangelov, co-founder and chief executive of Dronamics, commented: “As the only European company to repeatedly build, test and fly large cargo drones made entirely in Europe, we have proven we can reduce strategic dependencies and strengthen the EU’s tech sovereignty.
“With this decision doubling down on its previous investment in 2024, the EIC is clearly demonstrating Europe’s commitment to taking a proactive role in securing its technological future.
“It has never been a better time to build a large cargo drone in Europe,” Rangelov concluded.
Challenging traditional airfreight
Dronamics’ Black Swan drone can carry a up to 350kg over a distance of up to 2,500km (1,550 miles)).
It can do so, the company said, up to 80% faster, 50% cheaper and with up to 60% lower emissions than alternative modes of transport, including airfreight.
Dronamics is Europe’s first licensed cargo drone airline and IATA’s first worldwide Strategic Partner for drones.
