Ondas (ONDS) said Friday it has made a strategic investment in Norway-based defense tech firm Rift Dynamics.
Financial terms of the investment were not disclosed.
Under a partnership between the two companies, Ondas subsidiary American Robotics will exclusively distribute Rift's Wasp platform to the US defense market with an initial order of 500 units, according to a statement.
American Robotics is currently active in bidding for US Department of Defense programs and expects initial availability for delivery of the Wasp scalable drone systems by October, the statement said.
Ondas CEO Eric Brock is expected to join the Rift board upon closing of the investment and partnership agreement, the company said.
Ondas shares were 4% higher in premarket trading.
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