Tel Aviv, Israel, Sept. 24, 2024 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (Nasdaq: PRZO) (the "Company” or “ParaZero”), an aerospace company focused on safety systems for defense and commercial drones and urban air mobility aircraft, announced today that it has received a $187,000 purchase order from a U.S.-based Advanced Air Mobility (AAM) company in the aerial vehicle industry. This order follows the successful completion of the advanced drone safety system customization project that the Company previously announced and marks another milestone for ParaZero in the growing air mobility sector.

The purchase order includes preparations for serial production, as well as the delivery of an initial batch of systems, signifying the initiation of potential future large-scale manufacturing and deployment of ParaZero's cutting-edge drone safety solutions. This order also represents the final step in fulfilling the comprehensive project requirements for the client, who has been closely working with ParaZero to ensure the integration of ParaZero’s innovative drone safety technologies.

“We are thrilled to continue strengthening our partnership with this valued customer and to move forward with the production and delivery of our advanced safety systems,” said Boaz Shetzer, CEO of ParaZero Technologies. “This purchase order reflects the customer’s confidence in ParaZero’s technology and readiness for scaled production as the air mobility industry expands rapidly”.

The order follows a customization project that focused on integrating an innovative safety solution into the customer’s manned aircrafts, which is designed for personal, private, military and logistical applications.

The manned aircraft represents a significant leap in next-generation air mobility, offering a versatile platform that combines vertical takeoff and landing (VTOL) capabilities with the efficiency of horizontal flight. It is engineered to meet a wide range of operational needs, from recreational use to complex missions in challenging environments.

According to GII Global Information, by 2030 the market for electric VTOL (eVTOL) air taxi market is expected to reach $6.22 billion. According to the same source, the adoption of eVTOL air taxis is driven by the demand for cleaner and more environmentally friendly transportation options. These aircraft, powered by electric propulsion systems, have the potential to significantly reduce emissions compared to conventional fossil fuel-powered aircraft.

About ParaZero Technologies

ParaZero (Nasdaq: PRZO) is a leading developer of autonomous parachute safety systems technologies for commercial and military platforms as well as for urban air mobility (UAM) aircraft. Started in 2014 by a passionate group of aviation professionals and drone industry veterans, ParaZero develope and manufacture smart, autonomous parachute safety systems designed to enable safe flight operations over populated areas and beyond-visual-line-of-sight (BVLOS) as well as for various military applications including Counter UAS. For more information about ParaZero, please visit https://parazero.com/