Shares in XTEK Limited, a tiny ASX-listed company in the homeland security market, jumped after announcing the sale of drones to the Australian Defence Force.
A short time ago, they were up 12.5% to $0.45.
The Small Unmanned Aerial System, called a WASP, can be carried into battle by a single soldier, assembled and launched to provide real-time enemy surveillance.
Defence Minister Marise Payne announced a $101 million investment into Small Unmanned Aerial Systems.
“They provide our military with a faster and better understanding of the battlefield than our adversaries,” she says.
XTEK’s WASP will be modified with Australian content from other companies such as Sentient in Melbourne and Mediaware in Canberra.
Here’s the WASP in action:
The majority of maintenance and support will be carried out in Australia by XTEK.
Defence will work closely with Australian industry through the Centre for Defence Industry Capability to maximise opportunities for local companies to get involved in this important project, the government said.
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.