Terran Orbital and Hanwha Systems Sign Memorandum of Understanding

Rhea-AI Summary

Terran Orbital, a leading provider of satellite-based solutions, announced a Memorandum of Understanding (MOU) with Hanwha Systems. This agreement marks a significant step in their partnership, focusing on collaborative research and development of advanced solar and satellite technologies. The partnership aims to bolster defense capabilities in both the US and South Korea and expand each company's geographic presence. Terran Orbital and Hanwha Systems will share resources and knowledge to accelerate innovation and deliver cost-effective solutions. This collaboration positions both companies as leaders in the global satellite industry, with a focus on delivering cutting-edge technologies for defense and government projects.

Positive

• Terran Orbital's collaboration with Hanwha Systems aims to advance solar and satellite technologies.
• The partnership will enhance defense capabilities in both the US and South Korea.
• Terran Orbital will expand its presence in Korea, while Flexell Space will enter the US market.
• Joint efforts will lead to cost-effective and innovative solutions for defense customers.

Negative

• None.

BOCA RATON, Fla.--(BUSINESS WIRE)-- Today, Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), a global leader in satellite-based solutions primarily serving the aerospace and defense industries, announced the signing of a Memorandum of Understanding (MOU) with Hanwha Systems. This MOU solidifies their strategic partnership, marking a significant milestone in their collaborative efforts to develop state-of-the-art solar and satellite solutions through Hanwha Systems and its subsidiary, Flexell Space.

Co-Founder, Chairman, and CEO of Terran Orbital Marc Bell (Left) and Tim Ahn (Right) Chief Executive Officer of Flexell Space, a subsidiary of Hanwha Systems, signing the Memorandum of Understanding. Photo Credit: Terran Orbital.

This strategic partnership aims to bolster the defense capabilities of both the United States and South Korea by providing cutting-edge solutions to the warfighter and establishing a robust supply base.

As part of this collaboration, Terran Orbital and Hanwha Systems will work together on satellite manufacturing, including solar cells, and cooperate in the defense industry in both the US and South Korea. This strategic move will enable both companies to co-create joint solutions tailored for government bids, thereby advancing their mission objectives.

Highlights of the Collaboration:

• Collaborative Research & Development on Satellite Power Systems: The MOU establishes a framework for joint research and development efforts, fostering innovation and leading to breakthroughs in solar technology for satellites with Flexell Space.
• Next-Generation Satellite Technologies: The partnership will focus on delivering the latest satellite technologies, providing a strategic edge in various defense scenarios.
• Resource and Knowledge Sharing: By sharing resources, knowledge, and best practices, Terran Orbital and Hanwha Systems aim to accelerate the development cycle, enhance product performance, and deliver cost-effective solutions to defense customers.
• Geographic Expansion: Both companies will expand their presence, with Terran Orbital establishing a footprint in Korea and Flexell expanding into the USA.

“We are thrilled to announce our strategic partnership with Hanwha Systems. This collaboration marks a significant milestone, enabling us to expand our satellite solutions and deliver unparalleled service to a broader customer base across Asia. Together, we are poised to drive innovation and elevate the standards of excellence in the satellite industry,” stated Marc Bell, Co-Founder, Chairman, and Chief Executive Officer at Terran Orbital.

“Flexell's ability to mass-produce these advanced solar cells not only addresses existing market bottlenecks but also exceeds performance requirements, positioning us as a game-changer in the realm of space solar technology. We look forward to strengthening our position in the global satellite industry through a variety of technical collaborations with Terran Orbital,” said Tim Ahn, Chief Executive Officer of Flexell Space, a subsidiary of Hanwha Systems.

The MOU underscores the shared vision and mutual commitment of Terran Orbital and Hanwha Systems to drive innovation and deliver cutting-edge satellite solutions, reinforcing their leadership in the aerospace and defense sectors.

Explore Industry-Leading Space Vehicle Platforms

To learn more about Terran Orbital’s industry-leading space vehicle platforms and end-to-end mission support, visit: Terran Orbital Space Vehicle Platforms.

About Terran Orbital

Terran Orbital is a leading manufacturer of satellite products primarily serving the aerospace and defense industries. Terran Orbital provides end-to-end satellite solutions by combining satellite design, production, launch planning, mission operations, and on-orbit support to meet the needs of the most demanding military, civil, and commercial customers. Learn more at www.terranorbital.com.

About Flexell Space

Flexell Space operates as an in-house company led by aerospace & energy experts from Hanwha Systems. Flexell primarily focuses on the development and manufacturing of space solar cells, aiming to provide differentiated products for our customers in the space industry. Flexell is dedicated to achieving groundbreaking cost reductions and technological advancements in the space industry, making strides not only in satellite manufacturing markets but also in space based solar power and space exploration missions. Learn more at https://flexellspace.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240626774432/en/

Juliana Johnson

Public Relations

pr@terranorbital.com

949-508-6404

Soojin Kim

Hanwha Systems Communication Team

Soojin16444@hanwha.com

Source: Terran Orbital

FAQ

What is the significance of the MOU between Terran Orbital and Hanwha Systems?

The MOU marks a strategic partnership to develop advanced solar and satellite technologies, enhancing defense capabilities in the US and South Korea.

How will the partnership between Terran Orbital and Hanwha Systems impact the defense industry?

The partnership will provide cutting-edge solutions for defense scenarios and government bids, boosting defense capabilities in both countries.

What are the key areas of collaboration between Terran Orbital and Hanwha Systems?

The collaboration focuses on joint research and development of satellite power systems, resource sharing, and geographic expansion.

How will Terran Orbital benefit from its partnership with Hanwha Systems?

Terran Orbital will benefit by accelerating innovation, enhancing product performance, and expanding its geographic presence in Korea.

What role will Flexell Space play in the partnership between Terran Orbital and Hanwha Systems?

As a subsidiary of Hanwha Systems, Flexell Space will contribute to developing advanced solar cells and satellite technologies, addressing market bottlenecks.