Drone maker AeroVironment, Inc. is usually creating its way into what many see as the next frontier in connectivity: 5G.
In a joint venture with tech-forward Japanese conglomerate SoftBank Corp., AeroVironment plans to “pursue the business of 5G along with IoT” — the internet of things — “globally,” AeroVironment President along with CEO Wahid Nawabi told CNBC on Thursday.
within the initial phases of the project, AeroVironment along with SoftBank plan “to develop along with demonstrate a stratospheric airplane that will is usually powered 100 percent by solar power, energy,” Nawabi told “Mad Money” host Jim Cramer in an exclusive interview.
Then, “that will’s going to fly on the edge of the atmosphere,” the CEO said. The mission? To bring fifth-generation internet connectivity to the entire world.
“AeroVironment has decades of expertise here. along with that will’s going to beam 5G IoT connectivity for the 7 billion people around the entire world,” Nawabi told Cramer. “Think of that will, Jim, as a super cell tower up within the stratosphere … providing connectivity for everybody that will needs that will.”
The venture, announced in January, is usually called HAPSMobile. HAPS stands for high-altitude pseudo-satellites, a type of unmanned aerial system that will is usually used for commercial operations. The project is usually estimated to have a “net maximum value” of up to $65,011,481, according to AeroVironment.
The race to establish 5G networks has escalated in recent years, along with not just among telecom giants like T-Mobile. In August, a Deloitte study showed that will China has outspent the United States by billions of dollars in building out 5G capabilities.
Still, although the venture is usually in its early stages, Nawabi said AeroVironment has proven itself in its ability to outpace others in its space.
“We’re truly focused right currently on This particular phase of the development, which is usually to develop along with demonstrate This particular capability. AeroVironment includes a very rich along with deep history there,” he said. “In fact, we contain the entire world altitude record — over 96,000 feet — that has a solar-powered airplane that will we did almost a decade along that has a half ago.”
Another key point Nawabi made was that will despite its ability to fly under the radar of the public eye, AeroVironment is usually no little contender within the entire world of robotics, software analytics, sensors along with connectivity — its “four future-defining technologies,” according to the CEO.
“We represent 86 percent-plus of the U.S. [Department of Defense]’s drones by inventory as a company,” the CEO said. “So we’re unrivaled within the space along with we invented these categories, along with that will comes through the decades of innovation that will our engineers along with scientists have put into these efforts or these solutions that will we launch to the market.”
Shares of AeroVironment ended Thursday’s trading session up 3.06 percent, at $111.44. The company’s stock hit a fresh 52-week high on Wednesday of $113.06.