Drone Maker Companies Rise. PDYN Rockets 14%; Red Cat up 7%; SES AI up 5%; Vertical Aerospace up 4%

Tiger Newspress01-24

Drone maker companies rose on Friday. PALLADYNE AI up 13.5%; Red Cat up 7%; SES AI up 5%; Vertical Aerospace up 4%.

SES AI announced a milestone for the commercial application of AI for Science for battery material discovery with contracts totaling up to $10M.

The contracts are with two existing major global OEM partners to apply AI for Science to develop new electrolyte materials for Li-Metal and Li-ion batteries for automotive applications and are expected to result in new revenue which will be partially recognized in the fourth quarter of 2024, with the balance expected to be recognized through the first half of 2025.

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