Medis Technologies Ltd. (NASDAQ:MDTL) has signed an agreement with Israel Aircraft Industries Ltd. (AIA)to develop an 800 watt fuel cell to electrically power Unmanned Air Vehicle systems (UAVs).
IAI is Israel’s largest aerospace company and a world leader in developing and selling UAV Systems. The contract provides for two phases of activity. In the first 6-month phase, Medis will develop a demonstration system.
Upon the successful completion of the first phase, IAI would pay Medis approximately $1,500,000 to complete the development over 18-months.
During the first phase of the contract and conditioned on minimum purchase requirements thereafter, IAI will be granted exclusivity with respect to large fuel cells for unmanned vehicles. The contract with IAI will be carried out by Medis as the prime contractor together with its strategic partner, Oy Hydrocell of Finland, as the main subcontractor.
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