Overview
- ONDAS and Heidelberg formalized ONBERG to localize sales, development, and production of autonomous drone-defense systems in Germany, initially targeting Germany and Ukraine with plans to expand across the EU.
- Ondas acquired INDO Earth Moving for $5.66 million in cash and 5.49 million shares with potential earn-outs up to $140 million over three years tied to performance milestones.
- The INDO acquisition includes a $140 million tender to deliver dozens of heavy-tracked engineering vehicles over two years and to build sustainment infrastructure for at least four years, with contract revenue expected to begin in Q2 2026.
- The agreement provides Ondas the right to void the acquisition before the first milestone if requirements are not met and includes a Registration Rights Agreement that limits daily resale volumes by INDO’s sellers.
- Management plans to integrate remote operation and autonomous capabilities from Roboteam, Apeiro, and 4M Defense into INDO’s platforms; ONDS shares rose about 7% on March 17 and were down roughly 0.7% on March 18.