In a $23 million investment, Engaged Capital?a stock holder in AeroVironment since late last year?has obtained its first publicly disclosed position. Discussions between AeroVironment?s management and the investing firm have resulted in a wish list of sorts. Among the requests: new growth initiatives beyond the company?s primary clients in the U.S. defense industry. AeroVironment?s small Unmanned Aerial Vehicles (UAVs), including the well-known Raven, Puma AE and Wasp systems, serve Intelligence, Surveillance and Reconnaissance (ISR) purposes in military engagements. More recently, the military UAVs have been re-purposed for applications in wildlife tracking and research, farming, industrial monitoring and border patrol. The company also produces electric-vehicle charging equipment. With Engaged Capital?s investment and desired expansion, AeroVironment will likely use its $217.5 million in cash and liquid investments to aggressively pursue new markets beyond the military. AeroVironment?s stock-market value is an estimated $470 million. Engaged Capital was founded in late 2012 by Glenn Welling, previously a corporate adviser at Credit Suisse Group AG and Relational Investors LLC.