By Will Feuer

Defense contractor Lockheed Martin Corp. said it has made an investment through its venture arm in Regent, a company that makes electric, passenger-carrying seagliders.

Regent said the investment would expedite the development of electric seagliders for defense missions. The seagliders can carry people and goods up to 180 miles at 180 miles an hour between coastal destinations, Regent said.

The company said the U.S. Defense Department has recognized the need for high-speed, low-cost, low-signature, runway-independent mobility in areas near shores.

"We see defense strategy evolving toward an island-hopping force featuring agile, affordable, and distributed craft," Regent Chief Executive Billy Thalheimer said. The company has sold over 400 seagliders so far.

The companies didn't disclose the financial terms of the deal.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

March 22, 2023 09:38 ET (13:38 GMT)

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