Ondas (NASDAQ:ONDS) stock is getting a boost on Wednesday thanks to news of a drone deal with Chevron (NYSE:CVX).
That deal comes through American Robotics, which is one of its companies focused on drones. This order is for the company’s Scout Systems drones. These are fully autonomous and have the approval of the Federal Aviation Administration (FAA).
Ondas doesn’t reveal any finer details about its deal with Chevron. That includes no mention of how many drones were purchased by the oil and gas giant, or the financial terms behind the transaction.
What we do have is a statement from American Robots co-founder and CEO Reese Mozer about the deal lifting ONDS stock higher today.
“With Scout System, we are providing the oil and gas industry with a dramatically more efficient and effective way to manage, monitor, and inspect their assets. Analytics that were previously unattainable due to high costs of operation are now available through the Scout System, allowing users to make informed decisions in real-time that will drive their business forward.”
Investors are also taking interest in ONDS stock after the deal with heavy trading of the shares. That has more than 6 million shares changing hands as of this writing. This is a major jump from the company’s daily average trading volume of about 715,000 shares.
ONDS stock is up 2% as of Wednesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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