Strategic Win for Tonner Drones as Partner Elistair Joins French Defense Initiative
Paris, Thursday, 15 January 2026.
Tonner Drones’ partner Elistair has been selected for France’s Project Pendragon, an initiative merging tethered drones with AI-driven ground vehicles. This January 15, 2026 announcement marks a pivotal validation of Tonner’s defense-sector investment strategy.
Technological Synergy in Modern Defense
The selection, announced on January 15, 2026, centers on the integration of Elistair’s “Khronos DroneBox” with the “Hermione” Unmanned Ground Vehicle (UGV) developed by H2X-Defense [1]. Led by AMIAD and CCF, Project Pendragon recently completed successful field tests that demonstrated the tactical viability of combining tethered aerial systems with ground mobility [1]. This hybrid approach addresses a specific logistical challenge in military operations: providing persistent surveillance without sacrificing maneuverability.
Portfolio Value and Strategic Asset Management
For Tonner Drones (ISIN: FR001400H2X4), Elistair’s involvement in a major French defense innovation project serves as a critical proof point for its investment thesis [1]. Tonner Drones currently holds approximately 10% of Elistair’s capital and maintains a seat on its Board of Directors [1]. The company’s strategy focuses on active asset management of French drone manufacturers, including stakes in Elistair and Donecle, with the goal of increasing shareholding value and generating patent royalties [1]. Importantly, Tonner Drones retains Research and Development (R&D) operations in France but does not own manufacturing factories, preferring a leaner asset structure [1].
Leadership Outlook
Jean-François Van den Ouden, CEO of Tonner Drones, described Elistair’s success within Project Pendragon as confirmation of its status as a “Tier-1 partner for French defense innovation” [1]. He emphasized that the market valuation of Tonner Drones is closely linked to the cutting-edge capabilities of the companies it chooses to support [1]. As the company moves through 2026, management has indicated it looks forward to sharing further milestones across its participations, signaling to investors on the Euronext Growth Paris that the portfolio is entering a phase of operational maturity [1].