Kobelco Partners with Iridium to Enable Truly Global Remote Asset Tracking for Fleet Management Systems

Rhea-AI Summary

Iridium Communications Inc. (NASDAQ: IRDM) announced a partnership with Kobelco Construction Machinery Co., Ltd. to integrate its global two-way satellite communications into Kobelco's hydraulic excavators. This integration enhances the KOMEXS platform, enabling automated telematics and real-time equipment health updates. With 924,000 commercial IoT subscribers as of Q3 2020 (up 20% year-over-year), Iridium solidifies its leadership in satellite IoT connectivity. Initial deployments will start in early 2021 across Southeast Asia, Russia, Central and South America, and North America.

Positive

• Partnership with Kobelco enhances Iridium's presence in the heavy equipment industry.
• Integration with KOMEXS platform enables real-time equipment monitoring and maintenance alerts.
• Growing IoT subscriber base (924,000 customers, up 20% year-over-year) reflects strong market position.

Negative

• None.

MCLEAN, Va., Nov. 11, 2020 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ:IRDM) today announced that Kobelco Construction Machinery Co., Ltd. (KCM), a leading original equipment manufacturer (OEM), has integrated Iridium's two-way satellite communications into its hydraulic excavator machinery, heavy equipment and the KOMEXS remote asset management platform. The addition of the Iridium^® service provides KCM equipment with truly global coverage for the first time, along with the flexibility of programming deployed assets to provide automated recurring telematics and equipment health updates, while also enabling customers to request real-time reports.

Kobelco has integrated Iridium's two-way satellite communications into it's KOMEXS platform.

The KOMEXS platform provides the capability to manage multiple deployed assets across several job sites and tracks machinery health information such as working hours, engine health and fuel consumption. The system helps users keep track of valuable resources, manage costs, boost productivity, and proactively plan for maintenance requirements that can help increase efficiency and safety. This can also include warning alerts when deployed machinery needs servicing and geofencing to ensure machinery is deployed to the correct worksite.  

"As the need for real-time, global communications solutions continues to increase, Iridium and KCM are delivering reliable, effective and weather-resilient connectivity for KCM's vast customer base," says Bryan Hartin, executive vice president, sales and marketing, Iridium. "This partnership solidifies Iridium's leadership position in providing global satellite industrial-IoT communications within the heavy equipment industry."

Iridium's network is uniquely qualified for mobile telematics reporting and serving the needs of heavy equipment and construction machinery for connectivity beyond the reach of terrestrial networks. With small-form-factor devices that can be easily integrated with existing solutions like the KOMEXS platform, Iridium works closely with its partners to help simplify the process of adding truly global satellite connectivity to their services. KCM expects to begin shipment of vehicles equipped with Iridium Connected^® devices in early 2021.  Initial deployment will occur in Southeast Asian countries, followed by Russia, Central and South America and North America. 

As of the third quarter of 2020, Iridium commercial IoT subscribers grew 20% from the year-ago period to 924,000 customers, further cementing the company's place as the premier satellite IoT company.  As the satellite IoT market continues to grow through the increased adoption of satellite-enabled telematics solutions, the need for global and reliable solutions will increase, further establishing Iridium's position as the leader in this space.

For more information about Iridium IoT solutions visit: www.iridium.com/iot

Iridium Communications Inc. 
Iridium^® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2019, the company completed a generational upgrade of its satellite network and launched its new specialty broadband service, Iridium Certus^®. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services and partner solutions, visit www.iridium.com. 

Forward Looking Statements

Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The Company has based these statements on its current expectations and the information currently available to us. Forward-looking statements in this press release include statements regarding the timing of introduction, capabilities and benefits of products and services enabled by the Iridium constellation, as well as the future of the satellite IoT market, and Iridium's position in that market. Forward-looking statements can be identified by the words "anticipates," "may," "can," "believes," "expects," "projects," "intends," "likely," "will," "to be" and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding the development and functionality of Iridium products and services, and the Company's ability to maintain the health, capacity and content of its satellite constellation, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission (the "SEC") on February 25, 2020, and the Company's Form 10-Q for the quarter ended September 30, 2020, as filed with the SEC on October 20, 2020, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium's expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium's underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium's forward-looking statements speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.

Press Contact:	Investor Contact:
Jordan Hassin	Kenneth Levy
Iridium Communications Inc.	Iridium Communications Inc.
Jordan.Hassin@Iridium.com	Ken.Levy@Iridium.com
+1 (703) 287-7421	+1 (703) 287-7570
Twitter: @Iridiumcomm

 

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SOURCE Iridium Communications Inc.

FAQ

What is the significance of the partnership between Iridium and Kobelco?

The partnership allows Kobelco to integrate Iridium's global satellite communications into its machinery, enhancing remote asset management and connectivity.

When will the new Kobelco equipment with Iridium's technology be available?

Shipments of vehicles equipped with Iridium Connected devices are expected to begin in early 2021.

How many IoT subscribers does Iridium have as of 2020?

As of the third quarter of 2020, Iridium has 924,000 commercial IoT subscribers, marking a 20% increase from the previous year.

What regions will receive the new Kobelco equipment first?

Initial deployments of Kobelco equipment with Iridium technology will occur in Southeast Asia, followed by Russia, Central and South America, and North America.

How does Iridium's network benefit Kobelco's machinery?

Iridium's network enables truly global coverage for Kobelco's machinery, providing reliable, automated telematics and equipment health updates.