The aircraft for regional use is scheduled to take off for the first time in 2023.
(Photo: EAMD)
Frankfurt The business model is special, but so are the associated challenges. Ulrich Grabowski wants to help medium-sized companies that have good ideas for green aviation but lack the money to implement them. The means to do this is his European Aeromarine Drones AG, EAMD for short.
“Many of the medium-sized companies that have innovative ideas are currently living on subsidies,” Grabowski told the Handelsblatt. But they lack the capital to go to the market. “We are offering these companies an equity stake.”
The money could then be used to complete prototypes and develop marketable aircraft or drones. “We support sales,” says Grabowski. “In addition, we are preparing the political ground for such new approaches and can act internationally.”
The business economist and business informatics specialist has ambitious plans. Grabowski was responsible for strategy and sales in various management positions at ADAC for twelve years. He was then on the board of the Axa insurance group. Most recently, the manager has accompanied several start-ups.
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His latest project is still in its infancy. EAMD has been on the stock exchange since the end of 2021, but the price has since risen from a good two euros to more than 40 euros. With a market capitalization of around 15 million euros, however, even small-scale share purchases are enough to drive the valuation up. In addition, the papers are traded in the so-called over-the-counter market, for which there are significantly fewer admission restrictions – with correspondingly higher risks.
So far there has been a participation and a cooperation
Grabowski knows about the disadvantages, for example when it comes to raising capital. “We are currently in talks with 54 investors about a capital increase. But it is immensely difficult to attract financiers,” he admits. EAMD moves in a niche that is located between two markets. “Venture investors reject us because we are already listed. Traditional financiers often tell us that it is still too early for an investment,” says Grabowski.
The growing problems faced by start-ups could help the manager’s business idea to get fresh money. Grabowski refers to the first participations and cooperations. A few weeks ago, EAMD entered into a partnership with Jedsy. The Swiss company has developed a delivery drone that can dock at a take-off and landing ramp that is installed on balconies, for example.
>> Also read: Start-up Jedsy delivers to the balcony by drone
The majority of the RS Red Eagle from Brandenburg has also been part of the portfolio for some time. The sports aircraft manufacturer Reiner Stemme Aero has contributed the development of two drones to the company. The smaller aircraft “Whisper” for regional use is scheduled to take off for the first time in 2023. The larger “Explorer” drone is said to be able to cover longer distances and transport up to a ton of cargo. Market maturity is planned for 2024.
The former ADAC manager now promotes innovative ideas in aviation.
(Photo: EAMD)
Hybrid drives are used initially: the aircraft primarily flies electrically, but a combustion engine booster can be switched on as an auxiliary unit, for example over inhabited areas. According to Grabowski, hydrogen drives are also on the agenda.
Initially, the entrepreneur has his sights set on working aircraft for reinsurance, disaster management, geocoding or reconnaissance for the police or defense. Later, however, aircraft for manned aviation are also conceivable. Demand is currently coming primarily from abroad, for example from Istanbul or from an African state for border reconnaissance and fisheries monitoring.
So far, EAMD has not generated any sales
“We only include companies in our portfolio that can present their prototype in two years at the latest. And we primarily look at family-owned companies,” the EAMD boss explains the procedure. There are a whole range of European companies in this area that are too small for classic investors, with several of them “intensive talks” are being held.
Because of its small size and over-the-counter listing, EAMD falls through the cracks of most analysts. Finding estimates is therefore difficult. After all, the experts at GBC Research, who specialize in medium-sized companies, put the stock on their watch list in the summer.
The analysts predict that the company will probably not generate any sales in the current financial year. But for 2024 they trust EAMD to generate revenues of a good seven million euros.
According to the interim report, the company had to accept a loss after taxes of around 200,000 euros in the first half of 2022. The equity ratio was a good 65 percent, the existing equity is sufficient to cover the expenses from ongoing business activities, according to the report.
It remains to be seen whether EAMD will ultimately be big and financially strong enough to realize Grabowski’s ambitious plans in the highly regulated aviation sector. The manager is firmly convinced: “Our goal is a green aviation industry, and this is not about flight taxis.”
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