T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, has announced a strategic implementation with drone technology and hydrogen power solutions provider Boumarang.
Trust Stamp has granted Boumarang a non-exclusive license to use its computer vision and other patented AI-powered technologies with its hydrogen-powered drones for a $5 million one-time license fee.
The fee has been paid through the issuance of pre-paid common stock warrants at fair market value, which has granted Trust Stamp equity participation in Boumarang.
Trust Stamp believes the collaboration on hydrogen-powered drones with advanced AI technology will provide efficient, sustainable, and secure solutions for various sectors, offering longer flight times, faster refueling, and reduced environmental impact, thereby transforming industries such as logistics, security, and agriculture.
"Partnering with Boumarang aligns perfectly with our goal to deliver our cutting-edge AI solutions via partners in different industries. This innovative drone system will offer a powerful tool for humanitarian services, real-time search and rescue and surveillance missions, and secure delivery, fueled by the endurance and sustainability of green hydrogen power,” Trust Stamp CEO Gareth Genner said in a statement.
“We believe that this partnership will open up new markets and licensing opportunities for us in government and non-government sectors, driving significant growth potential."
Colin Guinn, Boumarang’s chief innovation officer, expressed his excitement over the partnership.
“This collaboration leverages our expertise in sustainable energy solutions with Trust Stamp's advanced AI capabilities, creating a product that is not only innovative but also environmentally responsible,” Guinn said.
“We believe this partnership will set a new standard in the drone industry, providing businesses and governments with a reliable and efficient tool for a wide range of applications.”
Investors celebrated the news, sending shares of Trust Stamp more than 40% higher at US$0.50 shortly after Wednesday’s opening bell.