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Sidus Space and L3Harris Team for the Department of Defense Mentor-Protégé Program
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Sidus Space, Inc. (NASDAQ:SIDU) has announced a partnership with L3Harris Technologies (NYSE:LHX) through the Department of Defense Mentor-Protégé Program (MPP). This collaboration aims to enhance Sidus' operational capabilities within the defense sector, enabling the company to improve its processes and gain insights from a larger company perspective. The agreement, effective from April 1, 2023, to March 31, 2024, will expand Sidus' supplier relationships and solidify its position in providing Space-as-a-Service solutions to global customers, including the Department of Defense. The MPP has successfully aided over 190 businesses in the past five years to carve out unique roles in the military supply chain.
Positive
Partnership with L3Harris strengthens Sidus' operational capabilities in the defense industrial base.
The agreement expands supplier relationships and enhances Space-as-a-Service offerings.
Sidus aims to improve processes and gain insights from L3Harris' expertise.
Negative
None.
CAPE CANAVERAL, Fla.--(BUSINESS WIRE)--
Sidus Space, Inc. (NASDAQ:SIDU), a Space-as-a-Service company focused on commercial satellite design, manufacture, launch, and data collection, is teaming with L3Harris Technologies (NYSE:LHX) for the Department of Defense Mentor-Protégé Program (MPP).
The DoD program helps businesses expand their footprint in the defense industrial base by supporting their partnering efforts with larger companies, such as L3Harris.
"We look forward to capitalizing on opportunities for process improvements as we work with L3Harris on various assessments and benchmarking initiatives, gaining valuable large company perspective that will benefit our team as we scale operations in the quarters and years ahead," said Carol Craig, Founder and CEO of Sidus Space. "In addition to expanding our supplier relationship with L3Harris, this agreement will strengthen our ability to provide global customers, including the Department of Defense and other defense agencies, with a range of Space-as-a-Service solutions such as satellite services and space-based data offerings."
The MPP is designed to enhance Sidus’ capabilities to operate more effectively within the DoD supplier base, enabling the company to more efficiently reach its vision of making space data accessible and actionable to a broad range of customers. The DoD program is the oldest continuously operating federal MPP in existence. Over the past five years, this dynamic program has supported more than 190 businesses in their mission to fill unique niches within the military’s supply chain ecosystem.
The Sidus-L3Harris MPP agreement runs from April 1, 2023 to March 31, 2024.
About Sidus Space
Sidus Space, located in Cape Canaveral, Florida, operates from a 35,000-square-foot manufacturing, assembly, integration, and testing facility focused on commercial satellite design, manufacture, launch, and data collection. The company’s rich heritage includes the design and manufacture of many flight and ground component parts and systems for various space-related customers and programs. Sidus Space has a broad range of Space-As-a-Service offerings including space-rated hardware manufacturing, design engineering, satellite manufacturing and platform development, launch and support services, data analytics services and satellite constellation management.
Sidus Space has a mission of Bringing Space Down to Earth™ and a vision of enabling space flight heritage status for new technologies while delivering data and predictive analytics to domestic and global customers. Any corporation, industry, or vertical can start their journey off-planet with Sidus Space’s rapidly scalable, low-cost satellite services, space-based solutions, and testing alternatives. More than just a "Satellite-as-a-Service" provider, Sidus Space is a trusted Mission Partner–from concept to Low Earth Orbit and beyond. Sidus is ISO 9001:2015, AS9100 Rev. D certified, and ITAR registered and a self-certified small disadvantaged, service-disabled, and Women’s Business Enterprise National Council (WBENC) certified woman-owned firm.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute ‘forward-looking statements’ within the meaning of The Private Securities Litigation Reform Act of 1995. The words ‘anticipate,’ ‘believe,’ ‘continue,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘intend,’ ‘may,’ ‘plan,’ ‘potential,’ ‘predict,’ ‘project,’ ‘should,’ ‘target,’ ‘will,’ ‘would’ and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors discussed in Sidus Space’s Annual Report on Form 10-K for the year ended December 31, 2022, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Sidus Space, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
