Drone startup tied to Trump sons aims to bring Ukrainian tech to US
PUSA•Powerus aims to bring Ukrainian and other foreign military technology to the US as it prepares to go public through a merger with Nasdaq-listed Aureus Greenway Holdings. The company reported first-quarter sales of $1.2 million and recently announced a US Air Force award worth up to $90 million.
1. Merger and ownership
Powerus was due to merge Thursday with Nasdaq-listed Aureus Greenway Holdings. Regulatory filings show that American Ventures, a fund in which Donald Trump Jr. and Eric Trump hold an indirect stake, is expected to own 9.9% of the combined company. Powerus executives and spokespeople for the brothers say they are passive investors with no operational role in the drone company.
2. Foreign technology plans
Powerus aims to bring overseas military technology, particularly from Ukraine, to the US and manufacture it domestically. President Brett Velicovich said the company is in talks with Ukrainian defense technology firms and wants to add capabilities including long-range attack drones. In March, it introduced Guardian interceptor drones, which he said were jointly developed with Ukrainians.
3. Deals and early sales
Powerus, incorporated last October, reported first-quarter sales of $1.2 million after assembling aerial and maritime drones through acquisitions. It recently announced a US Air Force award worth up to $90 million and a $22.3 million commercial deal to protect Middle East energy infrastructure. In Pakistan, it secured a limited order for aerial drones and support, signed a preliminary agreement with the Pakistan Army, and signed a memorandum of understanding with the Pakistan Air Force.
