Shares of AeroVironment Inc. rose 14 percent after the company announced a partnership to offer insurance for its Quantix drone.
The Monrovia unmanned aircraft maker is offering round-the-clock ground coverage and usage-based flight coverage for the Quantix aircraft from DroneInsurance.com, owned by Rein Inc. in Maynard, Mass. AeroVironment develops, manufacturers and tests its unmanned aircraft in Simi Valley.
The Quantix is a four-propeller drone that takes off like a helicopter and can be operated by an Android tablet. The device was designed to be as easy to use as possible while collecting images with special sensors. AeroVironment markets the aircraft for use by farmers.
“As the needs of our users scale and evolve alongside their operations, we are excited to work with an innovative insurance solution provider like DroneInsurance.com, whose dynamic offerings match our mission to provide the actionable intelligence our customers need to proceed with certainty,” Jeff Rodrian, director of commercial information solutions for AeroVironment, said in a statement.
Shares in AeroVironment (AVAV) closed Thursday up $12.47, or 14.3 percent, to $99.97 on the Nasdaq.