Latest news with #SWITCH
Time of India
3 days ago
- Business
- Time of India
Drones have become a winning strategy in war; can they be in investing?
Drones have become a winning strategy in war; can they be in investing? SWITCH UAV: Hybrid Fixed-Wing VTOL for High-Endurance Surveillance; image credit: Company Synopsis Shares of ideaForge hit the upper circuit at INR631 on Monday after bagging an INR137 crore defence order for mini UAVs. As the drone industry gains altitude, ideaForge now faces the real test — delivering steady performance amid rising competition. By VARSHA SANTOSH 8 Mins Read, Jun 30, 2025, 05:00 AM IST SHARE THIS NEWS Close Font Size Abc Small Small Abc Normal Normal Abc Large Close War rattles markets — but not all stocks bleed. When bombs go off, confidence usually tanks and the red spreads across trading screens. Yet, even in the fog of conflict, two sectors often emerge stronger: healthcare and defence. This week, it was the turn of drones to fly high. Shares of ideaForge — a Mumbai-based drone tech company — hit the upper circuit at INR631 on Monday, after it secured an INR137 crore order from the Ministry of Defence
Associated Press
24-06-2025
- Business
- Associated Press
MARITIME PARTNERS ANNOUNCES ZERO-EMISSION FERRY REFINANCING WITH SWITCH MARITIME
Financing Deal Paves Way for Upgraded Hydrogen-Powered Marine Technology NEW ORLEANS, June 24, 2025 /PRNewswire/ -- Maritime Partners, LLC ('Maritime Partners'), a leading provider of maritime financing solutions primarily focused on Jones Act vessels, has announced the successful closing of a sale leaseback refinancing of the ground-breaking, hydrogen-powered passenger ferry 'Sea Change,' developed by SWITCH Maritime LLC ('SWITCH'). The transaction marks Maritime Partners' entry into the ferry sector, and the first in a partnership between Maritime Partners and SWITCH focused on bringing next-generation technology and financing solutions to the aging U.S. ferry fleet. 'This partnership demonstrates Maritime Partners' continued commitment to innovation, and to expanding our financing solutions into more critical transportation segments of the maritime industry that require capital to renew and future-proof their fleets,' said Dave Lee, VP of Technology & Innovation at Maritime Partners. In 2024, 'Sea Change,' a 75-passenger ferry and SWITCH's first vessel, began commercial operation in San Francisco Bay. SWITCH expects to use the proceeds of the refinancing deal to complete engineering and support the next-phase build cycle, with zero-emission vessels that can meet the same size and performance as the diesel vessels needing replacement in major U.S. markets, such as San Francisco, Seattle, Boston and New York City. 'We're excited to build on the foundation that we've established with the Sea Change and start our next build cycle,' said Pace Ralli, CEO at SWITCH Maritime. 'Core to advancing our mission is being able to finance projects on the leading edge of the technology adoption curve, and our partnership and strategic alignment with Maritime Partners helps accelerate that growth trajectory.' Leveraging technological learnings and regulatory frameworks from its first 75-passenger ferry, SWITCH is bringing nearly complete 150- and 300-passenger catamaran fast ferry designs, as well as a larger steel-hull RoPax ferry design, to the U.S. market to help replace aging diesel vessels. According to recent data, there are more than 800 ferries in the U.S. that are all suitable to be transitioned to electric propulsion, powered by batteries and/or hydrogen fuel cells. The technology is generally applicable to commercial harbor craft, of which there are approximately 4,400 vessels suitable for upgrade to zero emissions. SWITCH specializes in providing existing operators easier and lower risk ways to adopt next-gen vessels into their fleets by offering a vessel lease along with support services for fueling, crew training, maintenance and more. The 'Sea Change' demonstrates the viability of the technology in commercial operation as part of the public San Francisco Bay Ferry system, paving the way for future deployments. 'We are impressed by the SWITCH team's ability to successfully execute on difficult design, construction and regulatory challenges, and their work is very complimentary to our work in larger vessel types, such as our projects with e1 Marine. Maritime Partners is here to support the expansion of SWITCH's fleet of next-generation vessels with financing solutions for U.S. and global ferry operators,' said Austin Sperry, co-founder and president of Maritime Partners. Maritime Partners continues to grow and evolve, setting itself apart as a premier provider of maritime financing solutions in the Jones Act space and wider U.S. maritime industry. ABOUT MARITIME PARTNERS Maritime Partners is a leading provider of maritime financing solutions, specializing in vessels that are used in the domestic Jones Act trade. With a managed fleet of approximately 1,800 vessels in service, we offer tailored leasing services to operators across the full spectrum of credit quality. A privately held company founded in 2015, Maritime Partners provides the assets that transport the commodities that represent the primary building blocks of the domestic economy, including agricultural products, chemicals, aggregates, crude oil, and refined petroleum products. Our management team leverages more than 50 years of operational experience in chartering, asset management, shipbuilding, and financing across all marine asset classes. To learn more about Maritime Partners please visit ABOUT SWITCH Established in 2018, SWITCH Maritime is focused on lowering the barriers for public and private ferry operators to renew their carbon-intensive diesel-powered fleets with zero-emissions technologies, while reducing operating and fueling costs over the lifetime of their vessels. By bearing the regulatory and construction risks for existing operators, combined with dedicated fuel supply chains and specialized crew training, SWITCH offers operators the ability to lease the new innovative vessels with lower risk – a form of the 'innovation-as-a-service' model to accelerate the energy transition of hard to abate industrial sectors. To learn more about SWITCH please visit CONTACT: Steve Bordes Maritime Partners, LLC [email protected] (504) 264-5870 View original content to download multimedia: SOURCE Maritime Partners
Yahoo
22-05-2025
- Business
- Yahoo
ideaForge Demonstrates UAV Prowess at U.S. Government-Backed Michigan's Uncrewed Triple Challenge
SAN ANTONIO, May 22, 2025 /PRNewswire/ -- ideaForge Technology Limited, a global leader in drone technology, is proud to be recognised by the Michigan Economic Development Corporation (MEDC), a U.S. government body, to exhibit at the prestigious Uncrewed Triple Challenge (UTC) in Michigan, USA. As part of this recognition, ideaForge was awarded a $10,000 grant to support its participation at the event. The UTC is a first-of-its-kind, state-sponsored event that brings together uncrewed systems across sea, air, and land. Organized in collaboration with the Michigan National Guard, Michigan Department of Military and Veterans Affairs, Department of Transportation, and the MEDC, the UTC aims to drive innovation in autonomous drone technologies by showcasing next-generation capabilities to a diverse audience of military, state, and local agencies. While ideaForge did not compete in the challenge, its invitation to exhibit underscores the trust and credibility placed in its technology by a prominent U.S. state institution. It also highlights the growing global recognition of India's indigenous UAV capabilities. At UTC, ideaForge showcased its flagship UAV solutions, the SWITCH and NETRA V4 PRO—demonstrating their advanced ISR (Intelligence, Surveillance, and Reconnaissance) features, operational endurance, and reliability across demanding mission profiles. These systems are designed for critical applications in defense, homeland security, and emergency response. Ankit Mehta, CEO of ideaForge Technology Limited, said, "We are honoured to receive this grant from the Michigan Economic Development Corporation and to be invited to exhibit at the Uncrewed Triple Challenge. This recognition by a U.S. government body is a strong testament to the credibility, capability, and global relevance of our UAV platforms. We look forward to engaging with stakeholders from across defense and public sectors to demonstrate how ideaForge delivers autonomy and performance for mission-critical operations." Justine Johnson, Chief Mobility Officer, Michigan Economic Development Corporation added, "We are pleased to welcome ideaForge to the Uncrewed Triple Challenge. Their participation represents the spirit of innovation that this event aims to celebrate. ideaForge's UAV platforms will contribute valuable perspectives to our stakeholders and support broader dialogue around the adoption of advanced autonomous systems." ideaForge's presence at the UTC reinforces its expanding international footprint and commitment to delivering indigenous, high-performance drone solutions for defense and enterprise needs. The company continues to strengthen its position as a pioneer in drone innovation, with a focus on mission-critical applications that include defense, security, and enterprise use cases. As part of its growing U.S. presence, ideaForge has also previously announced a strategic collaboration with Skylark Labs and partnership and investment with Vantage Robotics further reinforcing its role in advancing drone technology through collaboration and cross-border innovation. About ideaForge Technology Limited ideaForge is a pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (UAS) industry. With a mission-first approach, we deliver cutting-edge drones engineered for unmatched performance, autonomy, and reliability, redefining possibilities in security, mapping, surveillance, and disaster response applications across militaries and enterprises. With India's largest operational deployment of indigenous UAVs, an ideaForge drone takes off every 3 minutes, enabling over 6,50,000 successful flights. Ranked 3rd globally among the world's Top Dual-Use Drone Manufacturers by Drone Industry Insights (DRONEII) Global Drone Review 2024, ideaForge continues to set benchmarks in innovation and excellence. Since pioneering India's first VTOL UAVs in 2009, we have expanded with advanced R&D and manufacturing hubs in Navi Mumbai, Bengaluru, Delhi, and the USA, driving the development of indigenously designed and built solutions. Backed by marquee investors, including Qualcomm, Infosys, Celesta Capital, Florintree, EXIM Bank, and Infina Finance, ideaForge is at the forefront of revolutionizing unmanned systems. Discover more: About Michigan Economic Development Corporation The Michigan Economic Development Corporation is the state's marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan's economy. For more information on the MEDC and our initiatives, visit For Pure Michigan® tourism information, your trip begins at Join the conversation on: Facebook Instagram LinkedIn, and Twitter. Logo: View original content: SOURCE ideaForge
Pembrokeshire Herald
22-05-2025
- Business
- Pembrokeshire Herald
£21.2m investment in Port Talbot regeneration to create hundreds of jobs
Three major projects announced as part of Tata Steel transition support A NEW £21.2 million package of regeneration funding will support more than 270 jobs in Port Talbot, with additional employment generated through construction and local business growth. The investment—pending endorsement by the Tata Steel / Port Talbot Transition Board today (22 May)—will fund three regeneration projects expected to generate £119 million in Gross Value Added (GVA) for the local economy. This announcement brings total investment from the Transition Board to over £70 million in just nine months, as part of efforts to support the area during Tata Steel's transition to electric arc furnace steelmaking. Projects supported by the funding: Advanced Manufacturing Production Facility and Net Zero Skills Centre – Harbourside, Port Talbot Investment: £12.5 million Total project value: £35 million (with additional funding from the Swansea Bay City Deal) Impact: Supports 170 jobs, engages 150 businesses, and generates £89.1 million in GVA The centre will deliver low-carbon and net zero skills training and manufacture specialist equipment, helping to anchor an Innovation District in the Harbourside alongside the SWITCH project and Innovation Park. Metal Box redevelopment, Briton Ferry Investment: £6.9 million Conversion and expansion of the former Metal Box site into modern business units. Sandfields Business Centre upgrade, Port Talbot Investment: £1.8 million Expansion and modernisation of premises to support growing and start-up businesses. Together, the Metal Box and Sandfields projects will support 101 jobs and deliver £29.9 million in GVA by 2035. Cross-party and local support Secretary of State for Wales Jo Stevens, who chairs the Transition Board, said: 'We promised to stand by the steelworkers, their families and the businesses of Port Talbot. This £21.2 million investment is a further step in delivering on that promise. The town's future—through the Celtic Freeport, offshore wind and green steel—is full of potential.' Rebecca Evans MS, Cabinet Secretary for Economy, Energy and Planning, added: 'This investment complements the Swansea Bay City Deal and opens up high-value jobs, especially in renewable energy and manufacturing.' Neath Port Talbot Council Leader, Cllr Steve Hunt, welcomed the funding: 'It is vital we help local people and businesses seize the opportunities decarbonisation brings. These projects support that goal while driving growth and future skills.' Further funding and support expected This is the sixth major announcement from the Transition Board, funded through £80 million from the UK Government. Additional funding is expected in the coming months. Previous allocations include: £30 million for supply chain support and worker retraining £13 million business start-up and resilience fund £8.2 million for a growth project generating £87 million in economic benefit £3.27 million for mental health support in Neath Port Talbot The UK Government has also committed £500 million towards Tata Steel's new electric arc furnace in Port Talbot, alongside a broader £2.5 billion pledge to rebuild the UK steel industry. More than 50 major employers, including Fintech Wales, The Royal Mint, and RWE Energy, have also pledged to support displaced Tata workers with guaranteed interviews, training, and coaching. For full details or to apply for funding, visit the Tata Steel Transition Information Hub.
News18
13-05-2025
- News18
India's Drone Power Unleashed: Precision Strikes, AI Surveillance & Game-Changing Edge
n the raging India-Pakistan conflict, a new warfront has opened in the skies — and it's dominated by unmanned aerial vehicles (UAVs). India's drone fleet is not just responding — it's redefining warfare. From precision strikes on terror camps to neutralizing swarms of kamikaze drones, India's bots in the air are proving to be both sword and video takes you deep inside India's drone strategy, featuring homegrown tech like DRDO's TAPAS, Nishant, and IdeaForge's SWITCH — all backed by Israeli upgrades and battle-tested in live combat. With AI-driven surveillance, loitering munitions, and high-altitude autonomy, India's aerial dominance is Pakistan struggles with Turkish drones and Chinese imports — many of which have been shot down or jammed by Indian how India's innovation-first defence playbook is reshaping the battlefield n18oc_indiaNews18 Mobile App -
