The Parazero Technologies Ltd (NASDAQ: PRZO) stock price soared 86.21% today, adding to Friday’s 79.12% rally driven by the Australian approval of drones that utilise the company’s safety technology. Investors reacted positively to the approval, leading to Friday’s and today’s rally.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
Australia’s Civil Aviation Safety Agency (CASA) authorised the flying of drones for the first time over populated areas near people. The authorisation was granted to OVRL, an Australian commercial drone operator and training organisation in collaboration with ParaZero Technologies.
By harnessing ParaZero's cutting-edge parachute safety technology, OVRL, a regional partner of ParaZero, has achieved a remarkable milestone in complex operations. This achievement comes from OVRL's meticulous safety case and the successful submission of a Specific Operations Risk Assessment (SORA) application.
Their unwavering commitment to safety has earned them this landmark approval and set a significant precedent, opening doors for organisations across Australia to follow suit and gain similar operational approvals.
ParaZero's advanced parachute safety technology is pivotal in ensuring the safety of complex operations. This innovative technology is designed to mitigate risks associated with drone flights, making it an invaluable asset in aviation.
The approval secured by OVRL is nothing short of historic. It is a testament to their expertise, dedication, and commitment to safety. OVRL's safety case, tailored to meet the specific requirements of their operations, demonstrated a thorough understanding of risk assessment and management.
Aaron Gliner, ParaZero's Director of Business Development and Regulation, commented: “We are honoured that ParaZero's technology has been approved to enable a new global territory to conduct advanced drone operations with our SafeAir product line. We extend our gratitude to the Civil Aviation Safety Agency and our regional partners, OVRL, for their collaborative efforts over the course of several years of rigorous safety case work and analysis, which will now benefit all commercial drone operators seeking to apply for similar authorizations throughout Australia.”
Tim Butler, CEO of OVRL, commented: “We are extremely proud to be the first commercial drone operator and training provider to bring this exciting new capability to the Australian market. This achievement once again demonstrates our commitment to safety while being at the forefront of commercial operations in Australia. We look forward to helping the industry utilize ParaZero systems and are excited to see the new, previously untested use cases for commercial drones now that they can be legally flown overhead people.”
Parazero Techhnologies (PRZO) stock price.
The ParaZero Technologies share price was trading up 86.21% at $2.16, from Friday’s closing price of $1.16.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.