Facebook Cancels its Internet Drone Project
Company Blog Post
Facebook announced in a company blog post on Tuesday that it will no longer design or build its solar-powered internet connectivity drone.
The Aquila project, a high altitude platform station system (or HAPs for short) was launched in 2014 to help provide internet access to remote parts of the globe. The project will still continue, however, the company now plans to work with partners like Airbus to integrate its HAPS technology instead.
As a result, Facebook announced that it will be closing its Aquila design facility in Bridgewater, United Kingdom.
UPS Invests in France
Company Press Release
The company officially opened its 30,000-square-meter, package sorting and delivery hub outside of Paris on Tuesday.
The $100 million facility spans the length of four soccer fields. It is part of the company’s multi-year, $2 billion European investment plan, which aims to modernize and expand the UPS network across the continent. The new building has the potential to sort up to 37,000 packages per hour and employs approximately 1000 people.
The new facility is the company’s largest investment in France to date.
Boeing Invests in and On-Demand Urban Aerial Delivery Company
Boeing Press Release
Matternet Press Release
The company announced on Tuesday that its investment arm, HorizonX Ventures, will invest in Matternet, a California-based startup focused on on-demand unmanned aerial vehicle delivery operations in urban environments.
The new funds will be used to expand its US and global operations.
Boeing HorizonX Ventures led the $16 million, Series A investment in Matternet, with participation by Swiss Post, Sony Innovation Fund, and Levitate Capital.
The Bank of Montreal, a Tier 1 Bank in Canada, Finances a Marijuana Company
Aurora Cannabis Press Release
Aurora Cannabis, a Canadian licensed cannabis producer, announced on Tuesday that it has landed up to a $250 million loan deal with the Bank of Montreal.
The loans are secured by Aurora’s cannabis production facilities which are projected to produce more than 100,000 kg of cannabis per year. The facilities are located in Edmonton.
The loans will mature in 2021.
American Express Partners with Amazon to Launch a Small Business Credit Card
American Express Press Release
American Express announced on Tuesday that it plans to roll out co-branded credit cards for small businesses in the United States.
The new card is part of a multi-year partnership that looks to enhance small business purchases across Amazon.
Earlier in the year, both companies launched an enhanced data solution for small businesses that allowed companies to access advanced analytics on American Express corporate card purchases made on Amazon’s Business Marketplace.
Recode reported on Tuesday that global gaming hit, Fortnite, generated $318 million in revenue last May. That’s according to data from SuperData Research, a provider of market intelligence for Games and Interactive Media.
Fortnite is the only free-to-play game in history that has brought in that much revenue in one month.
According to the report, the game’s total revenue tops $1.2 billion. It has grown to 125 million players in less than a year.