Bulgaria-based cargo drone operator Dronamics has been selected for an equity investment of up to €30mn under the European Innovation Council’s (EIC) Strategic Technologies for Europe Platform (STEP), the company said in a press release emailed to bne IntelliNews.

Founded in Bulgaria, Dronamics has become one of the most high-profile EU-based aerospace startups, as the bloc moves to reduce reliance on non-European technologies and reinforce its ambitions for strategic autonomy.

The potential investment, which is subject to final due diligence, marks the latest show of support from the EU for Dronamics, the first licensed cargo drone airline in Europe. The firm designs, builds and operates large, long-range drones capable of transporting up to 350 kg over distances of 2,500 km.

“With this decision doubling down on its previous investment in 2024, the EIC is clearly demonstrating Europe’s commitment to taking a proactive role in securing its technological future,” Dronamics CEO and co-founder Svilen Rangelov said in a statement. “It has never been a better time to build a large cargo drone in Europe.”

The EIC STEP initiative, part of the European Commission’s broader push to bolster critical tech capabilities, offers investments of between €10mn and €30mn per company. It aims to close the funding gap for high-risk, high-impact deep tech projects and to attract further private capital, with the goal of securing funding rounds in the €50mn-150mn range.

Dronamics is the only European company to have designed, tested and flown large cargo drones manufactured entirely on the continent. Its Black Swan aircraft claims to deliver goods up to 80% faster and 50% cheaper than traditional cargo transport, while producing up to 60% fewer emissions.

The company has already received a €2.5mn grant from the EIC Accelerator programme and secured a €10mn equity investment from the EIC Fund in early 2024.

Dronamics, which operates as a licensed cargo drone airline and is the first drone company to become a strategic partner of the International Air Transport Association (IATA), is positioning its technology as a low-emission, same-day delivery solution for industries ranging from pharmaceuticals to e-commerce.