Red Cat Subsidiary Teal Drones Selected for $750K Manufacturing Modernization Grant from State of Utah
SAN JUAN, Puerto Rico, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a drone technology company integrating robotic hardware and software for military, government and commercial operations, today announces that its subsidiary Teal Drones has been selected to receive a $750,000 Manufacturing Modernization Grant from the State of Utah.
- SAN JUAN, Puerto Rico, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a drone technology company integrating robotic hardware and software for military, government and commercial operations, today announces that its subsidiary Teal Drones has been selected to receive a $750,000 Manufacturing Modernization Grant from the State of Utah.
- Teal is among the recipients of the $10 million Utah Manufacturing Modernization Grant, awarded by the Governor’s Office of Economic Opportunity as an incentive for Utah businesses to modernize, establish, relocate, retain or develop manufacturing in the state.
- Its goal is to modernize manufacturing, increase supply chain resilience and decrease American dependence on foreign manufacturing in Utah.
- “We’re grateful to the State of Utah and the Governor’s Office of Economic Opportunity for selecting Teal as a recipient of this grant,” said George Matus, Teal founder and CEO.