CybAero announced today that it has been granted a temporary export license by ISP (Inspectorate of Strategic Products), a Swedish government agency, for demonstration flights in China.
These demonstration flights will be jointly carried out with the Aviation Industry Corporation of China (AVIC) in April and May for selected potential clients.
CybAero and AVIC signed a framework agreement under which AVIC agreed to purchase at least 70 systems over the following eight years. This translates into sales of at least SEK 700–800 million. The first five systems under the agreement were ordered on April 30 this year, and AVIC is now looking to acquire additional clients by carrying out new demonstration flights at various locations in China.
“We will now be able to demonstrate our system to potential new clients with AVIC. This is a fantastic development as CybAero is in the midst of an exciting period of rapid growth and plans to continue its expansion over the next few years,” says Mikael Hult, CEO of CybAero.