- The Federal Aviation Administration of America (FAA) is upping the standards in the drone industry, stipulating for large companies to use standardised drone parachutes
- FAA’s latest waiver, of five in five weeks, was awarded to telecommunications giant Verizon Media (Owner of Yahoo! and AOL)
- The FAA is expecting companies to adhere to the parachute systems standard – of which ParaZero is a supplier and issuer of
- Drone companies like Dominos and Amazon looking to continue making deliveries in the U.S. will need to issue its drones the parachute systems expected by the FAA
The use of drones is picking up major momentum and today, Aussie company ParaZero says its amidst the wave of new business opportunities.
The claims from the drone parachute manufacturers come after the Federal Aviation Administration (FAA) signed its fifth waiver in five weeks regarding drones.
An FAA waiver is a regulation ‘magic-wand’ that allows specified aircraft or products to be used outside of the regulated stipulations. Today’s latest FAA waiver for drones was awarded to telecommunication giants, Verizon Media.
Verizon (owners of Yahoo! and AOL) have been granted the use of drones operations over people. This news is similar to the latest drone delivery shenanigans by companies Amazon and Dominos.
The waiver though, stipulates the issued use of a drone parachute, to which ParaZero’s is a standard and supplier of.
ParaZero believes its autonomous drone parachutes allow for safe flight operations over people, presenting a business opportunity.
“The FAA will require each applicant to provide the testing, documentation, and statement of compliance listed in ASTM F3322-18 in their applications using the same drone and parachute combination” stated the FAA in a press release on June 5 this year.
The press release was in consideration to the FAA granting a waiver at the beginning of June to U.S. general contractors, Hensel Phelps.
This waiver was groundbreaking for the drone industry, marking the first time the FAA had collaborated with drone businesses in developing a public standard.
Subsequent FAA waivers this month after Hensel Phelps were awarded to Beverly Hills Aerial, Alaska Aerial Media and North Dakota Department of Transportations.
Shares in PRZ are priced at 7.5 cents today, a 7.14 per cent premium from yesterday’s closing price in the market.
Currently, ParaZero’s market cap is valued at $8.191 million.