Wingcopter gets $43 million EU infusion to scale drone deliveries

German UAV manufacturer and service provider Wingcopter has received a major cash infusion from the European Investment Bank (EIB) of €40 million ($43.8 million), designed to fund scaling of the company’s international drone delivery activities.

Wingcopter made the announcement early Thursday morning, calling the €40 million injection a “quasi-equity investment” by the EIB to help the firm “expand delivery services in Europe and abroad, and accelerate (its) innovation efforts.” The backing will notably support the launch and mass production of the company’s new UAV, the Wingcopter 198, which is designed to make triple-drop drone deliveries within ranges of 110 km.

Read: Wingcoper 198 delivery drone passes FAA Special Class Airworthiness milestone

The EIB is owned by European Union member states and backed by the bloc’s InvestEU…