Edge Autonomy, a leader in unmanned and autonomous technology, announced today that it has acquired Adaptive Energy (or "the Company"), a globally recognized designer and manufacturer of solid oxide fuel cells (SOFC) for backup, off grid and UAV power. Terms of the transaction were not disclosed.

With more than two decades of fuel cell manufacturing expertise and nearly 2,000 SOFC systems deployed worldwide, Adaptive Energy is the leading provider of SOFC for low-watt power. The Company's innovative solutions are used in military, critical infrastructure and transportation end-markets by U.S. federal agencies and commercial customers. In addition, Adaptive Energy's lightweight, energy dense SOFC have been integrated as critical technology in Edge Autonomy's UAV platforms for more than 10 years.

Based in Ann Arbor, MI, Adaptive Energy's proprietary technology is based on 12 active patents that were developed by some of the world's foremost authorities in microtubular solid oxide fuel cell technology. Adaptive Energy CEO Michael Edison and Chief Engineer Tom Westrich, Ph.D., will remain with the Company.

This marks the first add-on acquisition for Edge Autonomy since its formation after the merger of UAV Factory and Jennings Aeronautics in February 2022. Edge Autonomy is a portfolio company of AE Industrial Partners ("AEI"), a U.S.-based private equity firm specializing in aerospace, defense & government services, space, power & utility services and specialty industrial markets.

"Having used Adaptive Energy's SOFCs for years, we know first-hand the value the team will bring to Edge Autonomy and our customers," said John Purvis, CEO of Edge Autonomy. "Adaptive Energy has done an impressive job investing in R&D, and we plan to leverage the Company's technology and research as we look to find new ways to further extend the duration and improve the performance of our autonomous systems. I look forward to working with the Adaptive Energy team as we continue to innovate together."

Edge Autonomy brings a diverse ecosystem of unmanned platforms, EO/IR camera payloads and global reach with manufacturing and flight test facilities that service customers with innovation, speed and agility. With a talent pool that includes some of the world's top unmanned systems engineers and payload sensor experts, Edge Autonomy is well positioned to support customers' Intelligence, Surveillance and Reconnaissance (ISR) operations in innovative and cost-effective ways.

"The support that both Edge Autonomy and AEI can offer will allow us to continue our focus on developing cutting-edge SOFC power solutions for industry and military," said Mr. Edison. "We are confident that joining Edge Autonomy will provide our customers with a path for greater growth, and we're excited for what lies ahead."

"Adaptive Energy has been a pioneer in developing highly reliable, durable and lightweight power sources, which can extend the duration and effectiveness of UAV missions and transform the industry," said Jeffrey Hart, Principal at AEI. "AEI is proud to support this partnership, which will allow both companies to gain significant competitive advantages by working together."

Akerman LLP served as legal advisor and RSM US LLP served as financial advisor to Edge Autonomy. Koenig, Oelsner, Taylor, Schoenfeld & Gaddis PC served as legal advisor to Adaptive Energy.