EchoStar and Maxar Amend Agreement for Hughes JUPITER 3 Satellite Production
EchoStar Corporation (NASDAQ: SATS) announced an amended agreement with Maxar Technologies (NYSE: MAXR) for the production of the JUPITER 3 satellite, also known as EchoStar XXIV. This agreement compensates EchoStar for past production delays and expands recourse options for future delays. The satellite aims to deliver over 500 Gbps of capacity, significantly enhancing Hughes Network Systems' offerings. The JUPITER 3 satellite is set for launch in the first half of 2023, with final preparations currently underway at Maxar's facility.
- The amended agreement provides compensation for past delays, enhancing financial relief.
- JUPITER 3 is expected to double the Hughes satellite fleet capacity, improving service offerings.
- The satellite aims to meet growing consumer demand for high-speed internet.
- None.
The satellite also known as EchoStar XXIV is expected to launch in the first half of 2023
GERMANTOWN, Md., Nov. 22, 2022 /PRNewswire/ -- EchoStar Corporation (Nasdaq: SATS) today announced an amended agreement with Maxar Technologies (NYSE:MAXR) (TSX:MAXR) for production of the EchoStar XXIV satellite, also known as JUPITER™ 3. The satellite, designed for EchoStar's Hughes Network Systems division, is under production at Maxar's facility in Palo Alto, CA. The amended agreement compensates EchoStar for past production delays by providing relief on future payments and expands EchoStar's recourse in the event of any further delays. The satellite is currently planned to launch in the first half of 2023.
"Launching and bringing the Hughes JUPITER 3 satellite into service is our highest priority to meet our customers' needs for connectivity," said Hamid Akhavan, CEO, EchoStar. "This agreement ensures that Maxar shares that priority with us and reinforces our joint commitment to complete production of the satellite to world-class standards, as expeditiously as possible."
"We look forward to continuing our strong collaboration with EchoStar to complete construction of the JUPITER 3 satellite in line with the current schedule," said Daniel Jablonsky, President and CEO, Maxar. "This agreement underscores Maxar's state-of-the-art manufacturing capabilities as we enter into the final phases of construction of this ground-breaking spacecraft."
Once in service, JUPITER 3 will deliver over 500 Gbps of high-throughput satellite capacity, doubling the size of the Hughes JUPITER fleet over North and South America. The satellite will bring ample capacity to grow the company's flagship satellite internet service, HughesNet®, and help meet consumer, aeronautical and enterprise demand for more bandwidth and higher speeds.
The satellite is now undergoing final integration in preparation for dynamics testing. Remaining work on the satellite consists of the launch dynamics test, final spacecraft performance tests and shipment to the launch base.
EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite communication solutions. Headquartered in Englewood, Colo., and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its Hughes Network Systems and EchoStar Satellite Services business segments. For more information, visit www.echostar.com. Follow @EchoStar on Twitter.
Hughes Network Systems, LLC (HUGHES), an innovator in satellite and multi-transport technologies and networks for 50 years, provides broadband equipment and services; managed services featuring smart, software-defined networking; and end-to-end network operation for millions of consumers, businesses, governments and communities worldwide. The Hughes flagship Internet service, HughesNet®, connects millions of subscribers across the Americas, and the Hughes JUPITER™ System powers internet access for tens of millions more worldwide. Hughes supplies more than half the global satellite terminal market to leading satellite operators, in-flight service providers, mobile network operators and military customers. A managed network services provider, Hughes supports nearly 500,000 enterprise sites with its HughesON™ portfolio of wired and wireless solutions. Headquartered in Germantown, Maryland, USA, Hughes is owned by EchoStar. To learn more, visit www.hughes.com or follow HughesConnects on Twitter and LinkedIn.
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar's 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers both create a better world. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com.
©2022 Hughes Network Systems, LLC, an EchoStar company. Hughes and HughesNet are registered trademarks and JUPITER is a trademark of Hughes Network Systems, LLC.
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SOURCE EchoStar Corporation
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