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ONE CLICK GROUP LIMITED — Capital/Financing Update 2019
Mar 6, 2019
64250_rns_2019-03-06_19dad242-3775-49e3-96ed-26499d40c74c.pdf
Capital/Financing Update
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7 MARCH 2019
ASX RELEASE
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DEFENCE INNOVATION NETWORK GRANT
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Aquabotix is awarded non-dilutive grant by the Australian Defence Innovation Network
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Supports development of an innovative controls system for autonomous maritime vehicles
Sydney, Australia and Fall River, Massachusetts, USA - UUV Aquabotix Ltd (ASX:UUV) (“Aquabotix" or the “Company”) today announces that it has been awarded $10,000 in a nondilutive research funding grant from the New South Wales Defence Innovation Network (“DIN”) in Australia. DIN is a new initiative funded by the New South Wales Department of Industry, with Defence NSW and the Office of the NSW Chief Scientist and Engineer as sponsors. DIN’s goal is to facilitate collaboration and innovation in the defence sector.
The grant is intended to support a project centered around development of an innovative controls system for autonomous maritime vehicles, in response to end-user feedback following a range of trials and demonstrations of the Company’s products. Aquabotix is commencing work on its newest project this month and will apply this grant to offset part of the cost of that internal development. Ultimately this new controls systems is planned to be implemented for use in the Company’s next generation autonomous vehicle.
Whitney Million, Aquabotix’s Chief Executive Officer, commented, “While the grant amount is modest, it is indicative of the fact that various governmental end-users recognize the uniqueness and need for our products. The concept being developed using these funds will enable greater versatility for our unmanned underwater and surface vehicles in defence operations.”
Further Information
Whitney Million Chief Executive Officer Email: [email protected] Tel: +1 508 306 9503
About UUV Aquabotix Limited
Based in Sydney, Australia and Fall River, Massachusetts, USA, Aquabotix is an established underwater robotics company which manufactures and sells commercial and industrial-grade underwater drones for commercial, high-end consumer and military applications. It is also the first company globally that is offering commercially-available swarming underwater drones. Please visit www.aquabotix.com
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