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Eric Trump and Donald Trump Jr., the sons of US President Donald Trump, are backing a new drone company that aims to meet the new demand from the Pentagon and fill the gap created by the administration's ban on new Chinese drones in the US.
Powerus, based in West Palm Beach, Florida, is a startup formed last year that manufactures and scales autonomous drone systems for military and commercial use in high-risk environments. It has already acquired three smaller companies in the past six months and aims to produce more than 10,000 drones per month, including drones with high payload capacities of up to 1,400 pounds.
According to official announcements and reports from the Wall Street Journal, Reuters and Bloomberg, Powerus is merging through a reverse merger with Aureus Greenway Holdings Inc. (Nasdaq: AGH), a publicly listed company that owns golf courses in Florida and is backed by the Trump brothers through their investment fund American Ventures.
The merger will make Powerus a publicly traded company on the Nasdaq in the coming months, with shares continuing to trade initially under the ticker AGH until the transaction closes. Other notable investors in the combined company include Unusual Machines, a drone component maker where Donald Trump Jr. is a shareholder and advisory board member, as well as investment bank Dominari Securities with ties to the Trump family.
This development comes at a time when the Trump administration has imposed a national ban on new Chinese drone models that dominated the civilian and commercial market for more than a decade, creating huge opportunities for American manufacturers.
The Pentagon is increasing spending by billions of dollars on small, tactical and autonomous drones, especially in the wake of current conflicts and the need for rapid domestic production. Powerus also plans to license drone technology from Ukraine to be manufactured in the United States, leveraging its proven battlefield experience. Powerus CEO Andrew Fox said the merger would provide public capital for expanded production and further acquisitions. It is the latest step in the Trump family’s expansion of investments in the drone and defense sectors, following previous ties to companies such as Unusual Machines and a deal with Israeli manufacturer XTEND.
While Aureus Greenway shares rose sharply following the news, criticism is mounting over potential conflicts of interest, given the president's role as commander of the armed forces and overseer of the Pentagon.
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