Business Wire·Sep 24, 2026, 7:00 AM ET

Elroy Air Announces Upsizing of PIPE Investments to $175 Million with Participation from Lockheed Martin Ventures

Elroy Air expanded its PIPE commitments to a total of $175 million, with $75 million funded prior to closing the Business Combination Agreement with Inflection Point Acquisition Corp. VII (NASDAQ: IPXG).
Existing investors including Lockheed Martin Ventures and Inflection Point participated in the increased financial commitment.
The U.S. Army awarded Elroy Air a multi-year contract worth up to $46 million to enhance the Chaparral drone's modular payload versatility for contested environments.
Elroy Air completed the first autonomous flights authorized under the FAA's eVTOL Integration Pilot Program (eIPP) in partnership with LIFTOFF Louisiana and Bristow Group.
Bristow Group expanded its early delivery reservations for the Chaparral to 15 total units after previously securing five slots and a pre-order for up to 100 drones.
Kratos Defense & Security Solutions serves as the exclusive U.S. manufacturer, with first production aircraft planned for late 2026 at its Sacramento facility.
Lockheed Martin \& Elroy Air intend to collaborate on advanced autonomous systems \& joint business development across commercial \& defense markets.
The company's Chaparral aircraft is a hybrid-electric VTOL drone designed to carry 500+ pounds of cargo with a range of up to 450 miles without requiring fixed infrastructure.
Elroy Air will become a publicly traded company through its definitive business combination with IPAC, pending shareholder approval \& SEC registration statement effectiveness.