17 Sep 20. Lockheed Martin Ventures Invests In Hidden Level. Lockheed Martin Ventures made a strategic investment in Hidden Level an expert in sensor design and development for low altitude airspace monitoring. The investment will support both companies as they look to solve challenges in air surveillance and security through advanced distributed sensor networks.
“Providing scalable solutions to low altitude airspace security remains an issue in defense and commercial spaces,” said Jeff Cole, CEO, Hidden Level. “Our mission is to deliver innovative solutions to help our customers keep the public safe and advance airspace safety within defense and civil arenas alike. Working with Lockheed Martin, who understands the value of our technology, is important.”
“Growing infrastructure and evolving technology pose new challenges every day, such as spectrum access and radar congestion, to safely navigate our nation’s airspace system,” said Chris Moran, General Manager and VP of Lockheed Martin Ventures. “Our investment in Hidden Level underscores our focus on mitigating airspace safety challenges. We are excited to add Hidden Level to our investment portfolio and look forward to working with their team and gaining access to their distributed sensor network that may offer a solution to address these escalating challenges.”
Hidden Level’s Airspace Monitoring Service provides a network of custom-built sensors capable of monitoring for low altitude air traffic, such as drones, over large geographic areas, including over traditionally challenging environments like densely populated metropolitan areas. With use cases such as drone delivery and Urban Air Mobility becoming closer to reality, urban centers present the greatest challenge for ensuring public safety, facility security, and enabling these advanced airspace operations.
Current technologies offered today do not scale for the large area coverage needed for major cities, which is problematic to ensure long term viability and safety of the National Airspace System at low altitude.
About Hidden Level
Hidden Level employs a team of experienced sensor experts, having built innovative sensor solutions for both military and commercial customers over the past decade. Hidden Level removes the burden from its customers of owning, operating, and maintaining expensive and rapidly changing sensor technology by delivering only the data that they need at a fraction of the cost with its Airspace Monitoring Service. (Source: UAS VISION)
17 Sep 20. Raytheon might sell more businesses. Raytheon Technologies Corporation, which was created in April through the merger of Raytheon Company and United Technologies Corporation (UTC), is considering selling businesses that are not a good fit for the new US company, according to its top executive.
The divestitures would be in addition to the three businesses that Raytheon already sold to receive regulatory approval of the merger.
“We will probably be looking at divesting a few of the other businesses around the margin that probably do not belong as part of Raytheon Technologies,” Raytheon CEO Greg Hayes told investors on 16 September at Morgan Stanley’s 8th Annual Laguna Conference.
One business that Raytheon has already slated for potential divestiture is its Forcepoint cyber-security firm. While Raytheon mainly builds defence and aerospace systems, Forcepoint focuses on protecting commercial organisations.
To meet regulatory requirements aimed at ensuring the merger would not stifle competition, Raytheon sold its military airborne radios business and its military Global Positioning System (GPS) business to BAE Systems. It also sold its space optics business to Amergint Technologies.
Hayes said Raytheon has no plans to conduct major acquisitions, though it would consider buying small companies that give it new technology.
With “the portfolio that we have assembled here, we don’t need additional heft to be successful and deliver scale,” Hayes said. (Source: Google/Jane’s)
15 Sep 20. Volansi Raises $50m to Accelerate Middle-Mile Drone Delivery. Volansi, a provider of vertical take-off and landing (VTOL) middle-mile drone delivery services for commercial and defense applications, today announced a $50m Series B investment from Silicon Valley’s top venture funds.
Led by Icon Ventures, other participants in this financing include existing investors Lightspeed Venture Partners and Y Combinator as well as new investors Harpoon Ventures and Merck Global Health Innovation Fund. In addition to the company’s funding, Volansi also announced Joe Horowitz, managing partner of Icon, and Barry Eggers, founding partner of Lightspeed, will join its Board of Directors.
Volansi provides automated point-to-point drone delivery services for time-critical parts and urgent medical supplies for enterprise customers and the U.S. Department of Defense. This new funding will allow Volansi to build on current momentum by expanding its team, launching new projects and scaling current initiatives in both emerging markets and in the U.S.
“The combination of our best in class cargo drones and unique software platform set us apart from others in the industry,” said Hannan Parvizian, CEO and Co-Founder of Volansi. “Closing our Series B with such high-quality investors, especially during these challenging times, is further testament to the venture capital community’s confidence in our business and will allow us to keep pushing the envelope of mobility and robotics.”
“The drone market is very crowded with all sorts of players, but after getting to know Hannan and his team and doing an extensive amount of due diligence, especially with Volansi’s key customers and distribution partners, it became abundantly clear that the company is well-positioned to rapidly build a huge business,” said Joe Horowitz of Icon. “We are particularly excited about Volansi’s unique ability to address the medical community with urgent vaccine delivery, particularly in looking ahead to a post-COVID world.”
With $25m of prior capital provided by Lightspeed and other investors, Volansi developed and brought to market first-of-their-kind autonomous drones, including the VOLY M20 and VOLY C10. The VOLY C10, the workhorse of Volansi’s UAV fleet, carries up to 10-pounds of cargo over 50 miles. The aircraft has already performed operations in Africa, the Caribbean, and the US. The VOLY M20 is a dual role aircraft with the ability to simultaneously carry up to 20-pounds of cargo in addition to 10-pounds of sensor payloads. It has a 350-mile range, a cruising speed of 75 mph, and more than eight hours of endurance for sensor operations.
“The Volansi team has made significant progress since Lightspeed led the company’s Series A back in 2019,” said Barry Eggers, founding partner of Lightspeed. “We’ve been impressed by the leadership and team’s ability to innovate and execute, and we are looking forward to deepening our partnership during this next phase of growth.” (Source: UAS VISION)
15 Sep 20. TAT Technologies Reports Second Quarter 2020 Results. TAT Technologies Ltd. (NASDAQ: TATT) (“TAT” or the “Company”), a leading provider of products and services to the commercial and military aerospace and ground defense industries, reported today its unaudited results for the three month and six month periods ended June 30, 2020.
Key Financial Highlights:
- Revenues for Q2 2020 were $17.3m compared with $25m in Q2 2019. Revenues for the six-month period that ended on June 30, 2020 were $42m compared with $46.9m in the six-month period that ended on June 30, 2019.
- Gross profit for Q2 2020 was $1.5m (8.6% as a percentage of revenues) compared with $3.6m (14.4% as a percentage of revenues) in Q2 2019. Gross profit for the six-month period that ended on June 30, 2020 was $6.1m (14.5% as a percentage of revenues) compared with $6.8m (14.5% as a percentage of revenues) in the six-month period that ended on June 30, 2019.
- Adjusted EBITDA for Q2 2020 was 0.03 m compared with $1.7m in Q2 2019. Adjusted EBITDA for the six-month period that ended on June 30, 2020 was $2.5m compared with $3.1m in the six-month period that ended on June 30, 2019.
- Net loss was ($2.2)m, or loss of ($0.3) per diluted share in Q2 2020 compared with a net income of $0.13m, or $0.02 per diluted share in Q2 2019. Net loss was ($1.8)m, or loss of ($0.2) per diluted share in H1 2020 compared with a net income of $0.2m, or $0.03 per diluted share in H1 2019.
- During Q2 of 2020 and H1 of 2020 TAT reported losses from discontinued operation of the JT8D engine blades coating in the amount of $1.4m and $1.7m respectively.
Mr. Igal Zamir, CEO and President of TAT Technologies stated, “The commercial aviation industry suffered greatly from the impact of the COVID-19 pandemic. During Q2 of 2020 we suffered from a decline in our revenues compared to Q2 2019, mainly due to decline in demand in our commercial MRO business. Other operations of the Company, such as military, OEM and cargo, remain stable.
The COVID-19 pandemic has significantly increased global economic and demand uncertainty, and has impacted TAT’s businesses, operations and the aerospace sector as a whole. In response, the company has taken immediate actions to conserve cash and reduce costs. The financial impact of the COVID-19 pandemic cannot be reasonably estimated at this time. TAT will continue to consider and proactively implement cost and working capital efficiencies so that TAT can respond to these uncertain market conditions.”
On a positive note, during Q2 2020, TAT managed to improve its cash flow from operations (cash flow from operations were $6.3M in Q2 2020 and $7.5m in H1 2020), and also secured new credit lines from banks that may be used by the Company in the near future to finance new investments opportunities. (Source: PR Newswire)
16 Sep 20. BAE Systems (BA/ LN) BUY (from HOLD), 520.20p PT: 600.00p. Our Base Case is that FY22-25 US Defense Budgets are 5% lower on average than in FY21. We view BAE as strongly placed to weather that; we forecast FY21-FY23 EBIT broadly flat. Nonetheless, we see good fundamental support from FCF Yield (7% in FY23) and our DCF. If BAE is roughly handled by adverse sentiment, a powerful backstop would be a spin-off of Electronic Systems. We set our PT at 600p and Upgrade to Buy.
The battlefield. Our upgrade may appear a brave call in face of anticipated or actual declines in defence spending post-COVID. Our Base Case assumes FY22-FY25 US Defense Budgets on average 5% below the FY21 Request. Instead of devil in the detail, we see BAE as strongly positioned, with lower defence spending merely offsetting probable future growth from the Qatar Typhoon and Australia’s SEA 5000 programmes. BAE is nothing like as vulnerable today as it was in 2009/10, in our view. Further, the end of UK pension deficit funding makes FCF makes stronger.
Valuation and Risks. Our forecast FY22 and FY23 FCF yields at our 600p PT are 6.7% and 7.0%, respectively. Our DCF valuation is 647p. Add back the accounting pension deficit (there is no funding deficit), and our DCF valuation is 674p. Against a US peer group, EV/EBITDA multiples also look attractive at our PT. Even allowing for the usual discount between European and US defence equity valuations and after the caution injected into our BAE forecasts, the EV/EBITDA gap is over 20%. However, our forecast FY22 and FY23 EBIT are 7% and 13% below Bloomberg consensus. Equally, BAE’s share price is 21% below its February 2020 peak, suggesting it anticipates more challenging times ahead. Still, adverse sentiment and negative momentum may weigh. Our downside scenario is 464p, where we reach a 5% dividend yield, assuming a maintained FY19 dividend. BAE’s share price is, however, 21% below its February 2020 peak. The upside risk is, obviously, that defence spending does not fall, but remains broadly flat.
A backstop; de-merge Electronic Systems. We concede our downside scenario is a bit intimidating. However, should it unfold, we believe pressure would mount for a sale or de-merger of the US business, at the least Electronic Systems (32% of FY19 Group EBIT). We estimate Electronic Systems, including the GPS business, to be worth £10bn, or around 50% of the current EV. That is a powerful backstop, in our view, but one we’d advocate only if our downside scenario unfolded. In truth, we believe the market knows BAE is better than that.
Counterattack. We believe significant caution about future defence spending cuts is already in BAE’s valuation. We view BAE as well-placed to meet the challenge. Rather than hold position until consensus forecasts resolve themselves, we choose to counterattack. We do so in large part because of the prospect of stronger, sustained FCF. With pension deficit funding ending soon and advance payments neutralised, that is what we expect. Volatility in FCF has hamstrung BAE for a decade, in our view. We believe BAE’s clear focus on FCF reinforces the case. We lower our PT from 615p to 600p. After taking a maintained 23.2p dividend into account, we upgrade from Hold to Buy. (Source: Jefferies)
15 Sep 20. MIND Technology, Inc. Reports Fiscal 2021 Second Quarter Results. MIND Technology, Inc. (NASDAQ: MIND) (“MIND” or “the Company”) today announced financial results for its fiscal 2021 second quarter ending July 31, 2020.
Revenues from continuing operations for the second quarter of fiscal 2021 were $5.1m compared to $3.2m in the first quarter of fiscal 2021 and $6.8m in the second quarter of fiscal 2020. The year-over-year decline was primarily attributable to the impact of COVID restrictions, which caused shipment delays from the Company’s Seamap business and a temporary shutdown of production facilities.
During the second quarter of fiscal 2021, as part of the Company’s rebranding process and strategic changes, management and the board of directors determined to exit the land seismic leasing business within twelve months of July 31, 2020. Accordingly, the Equipment Leasing segment has been treated as discontinued operations and the associated results are excluded from the Company’s results from continuing operations for all periods presented. Assets and liabilities associated with the Equipment Leasing segment have been reclassified as “held for sale” in the accompanying consolidated condensed balance sheet.
The loss from continuing operations for the second quarter of fiscal 2021 was approximately $1.9m, compared to $1.5m in the second quarter of fiscal 2020. The Company reported a net loss per share from continuing operations of $(0.20) in the second quarter of fiscal 2021 compared to $(0.16) in the second quarter of fiscal 2020.
Adjusted EBITDA from continuing operations for the second quarter of fiscal 2021 was a loss of $1.5 m compared to a loss of $694,000 in the second quarter of fiscal 2020. Adjusted EBITDA from continuing operations, which is a non-GAAP measure, is defined and reconciled to reported net loss from continuing operations and cash provided by operating activities in the accompanying financial tables. These are the most directly comparable financial measures calculated and presented in accordance with United States generally accepted accounting principles. Backlog as of July 31, 2020 was approximately $7.6 m compared to $10.2m at April 30, 2020 and $8.9m at January 31, 2020.
In the second quarter of fiscal 2021, the loss from discontinued operations was approximately $4.7m, which included the effect of estimated disposal costs of $600,000 and the recognition of a charge for cumulative currency translations adjustments related to those operations of $2.7m. In the second quarter of fiscal 2020, the loss from discontinued operations was $1.6m.
Rob Capps, MIND’s Co-Chief Executive Officer, stated, “The prolonged disruptions and the decline in international activity caused by the COVID-19 pandemic continued to have a negative impact on our operations and near-term order flow. As an example, we completed a $1.8m order at Seamap in the second quarter of this year; however, the customer was unable to arrange shipment and take delivery because of COVID-related transportation issues. We expect the shipment to be completed during the third quarter of fiscal 2021. Bid and inquiry activity remains solid, but it appears that customers are delaying making firm commitments. Travel restrictions have exacerbated these issues globally. We believe these factors have affected our recent results and backlog.
“However, we are optimistic about the future. Our MA-X and Micro MA-X technologies continue to attract interest. In addition, despite delays due to travel restrictions, we have recently completed successful demonstrations and tests of these technologies to various organizations within the U.S. Navy, which we believe can lead to significant program opportunities. We remain the dominant supplier of source controller technology to the seismic exploration market and are seeing renewed customer interest in upgrading capabilities, some of which are unique to our products. As announced a few weeks ago, we have entered into an agreement with a major European defense contractor to jointly upgrade existing technology to create the next generation of synthetic aperture sonar systems for commercial and military markets. These and other developments and initiatives fuel our optimism for MIND’s future.
“All of our facilities are currently operating, albeit with certain COVID-19 related constraints and various regional restrictions. We also continue to focus on our cost structure to ensure we have the appropriate resources to execute our plans,” continued Capps. “At our Annual Meeting of Shareholders held on July 27, 2020, we received shareholder approval for the reincorporation and rebranding of our Company, including a name change to MIND Technology, Inc., a change in our domicile from Texas to Delaware and an expansion of our authorized capital. We think these were important steps in positioning the Company for future growth.”
Capps concluded, “We remain focused on our strategic vision of becoming a leading provider of innovative marine technology and products, and we are excited about the numerous new business and technology initiatives that we believe will create value additions and higher returns on investment. We plan to continue to grow our portfolio of technology and product offerings, whether through internal development, acquisition or alliances, while also expanding the markets for our existing line of products.” (Source: PR Newswire)
15 Sep 20. Chemring Group PLC (“Chemring” or “the Group”) today issues a scheduled trading update for the period to 14 September 2020.
The health, safety and well-being of our people, their families, our customers and the communities in which we operate, remain our first priority. All our facilities remain open, are operating in accordance with Government and State guidelines, and are applying stringent safeguards to minimise the spread of the virus. To date, our supply chain has remained robust and we have maintained deliveries of essential products and services to our customers.
Current tradingDespite the challenging environment, trading in the period has progressed as planned. The expected outturn for the year ending 31 October 2020 is towards the upper end of current analyst expectations.*
Order intake to 31 August 2020 was up 4% on the same period last year and the Group’s order book at the same date was £452m (31 October 2019: £449m), providing full visibility for the remainder of the current financial year based on expected delivery schedules. Order cover for FY21 is building, with Countermeasures & Energetics having 82% order cover of expected revenue and the shorter cycle Sensors & Information sector having 47% cover.
Investment in safety, including the modernisation and automation of our manufacturing sites has continued. This has been funded by continued strong operating cash conversion, with net debt at 31 August 2020 at £59m, which includes £6.5m in respect of the first adoption of IFRS16 (31 October 2019: £76m; 30 April 2020: £61m). We expect to be able to maintain this strong level of operating cash conversion and net debt level through to year end.
Sensors & Information
The period has seen continued strong performance in the Sensors & Information sector, with order intake up 32% compared to the same period last year.
Roke’s information security market has remained buoyant, with strong customer demand in the national security domain. Roke has delivered on new programmes for Electronic Warfare (“EW”) and Electronic Countermeasures. Deliveries of the first “Resolve Light” EW system were made to our US customer and another Five Eyes nation.
Our US Sensors business continues to make good progress on its US Programs of Record. Delivery milestones on the sole source HMDS explosive hazard detection programme have been met throughout the period and the customer has issued a $200m IDIQ contract, with a $21m first delivery order. We progressed into the low rate initial production phase on the sole source EMBD biological agent detection programme slightly earlier than expected. We continue to support the US DoD in their testing activities as we progress through the Engineering Manufacturing and Development phases of the JBTDS biological and AVCAD chemical agent detection programmes.
Countermeasures & Energetics
Performance across the Countermeasures & Energetics sector is progressing in line with the Board’s expectations.
Our global Countermeasures business continues to perform well with delivery targets across all product lines being met. The Australian business has made excellent progress in the delivery of countermeasures for the US F-35 program, further strengthening our reputation with the US DoD. Our UK business is meeting its manufacturing volume objectives and is now focused on driving improved operational efficiency. Our two US businesses continue to work through some COVID-19 related challenges associated with the timely completion of customer acceptance tests and staffing levels, but to date these have not had a material impact on our ability to deliver.
The Tennessee capacity expansion program is progressing as planned, with various major construction milestones being met. The first incremental revenues from this new facility are expected in FY22.
Our niche Energetics businesses are performing well, with order intake and deliveries remaining robust. Our devices business in Chicago has strengthened its position in the space market and saw its products play critical roles on both the SpaceX NASA Crew Dragon mission to the International Space Station and NASA’s latest mission to Mars, where we have a number of mission critical devices on NASA’s Atlas V launch vehicle and Perseverance Rover.
Michael Ord, Chief Executive of Chemring, commented:
“This has been a busy period in which the resilience of the Group has been demonstrated as we continue to make good progress despite the challenges presented by COVID-19. Our expectations for FY20 are towards the upper end of current analyst expectations.*
“We have good momentum as we near the end of FY20 and move into FY21 and, despite the near-term uncertainty that COVID-19 presents, I remain confident that our leading technologies, deep long-term customer relationships and sole-source or market leading positions mean Chemring’s long-term prospects remain strong.”
15 Sep 20. Cohort, the independent technology group, is today holding its Annual General Meeting (AGM) and accordingly issues the following AGM Statement and first quarter update: Cohort continued to make good progress in its financial year ended 30 April 2020, achieving a record adjusted operating profit despite the impact of COVID-19 restrictions in the final two months. A full year contribution from Chess, a record performance at MASS and improvement at EID offset weaker trading at MCL and SEA. Following the lifting of lockdown, we have successfully completed a phased process of returning colleagues safely to work and the majority are now back on site on a part time or regular basis.
As expected, the restrictions on international travel continue to constrain our ability to develop new export opportunities, which generated over 30% of Cohort’s revenues in 2019/20. Nevertheless, the Group entered the 2020/21 financial year with a substantial long-term order book and a strong pipeline of order prospects, and we have continued to win new business since we reported the 2020 final results in July. At 31 August 2020, the Group’s order book stood at £210.0m, compared to £183.3m at our 30 April 2020 financial year end. This underpins approximately 83% (or £113m) of the new financial year’s consensus forecast revenue, compared to 76% at the same time last year.
Cohort remains soundly financed: net debt at 31 August 2020 stood at £1.4m, compared to £4.7m at 30 April 2020. The Group’s cash and readily available credit was just over £38m at 31 August 2020 providing significant financing headroom for current anticipated commitments, including the completion of the transaction to acquire Wärtsilä ELAC Nautik (“ELAC”) announced on 12 December 2019. The acquisition of ELAC remains subject to approval by the German Federal Government. This process has been delayed by COVID-19 and other factors, but a meeting is now planned for later this month and we expect to have a clearer idea of the completion timetable after that.
We continue to expect that our trading performance for 2020/21 financial year will be in line with that achieved in the year ended 30 April 2020, as indicated at the time of the final results announcement in July. We expect net debt to remain flat for the year, after taking account of the acquisition of ELAC. In the longer term, the Group continues to expect to return to growth, as it recovers the orders and revenue delayed due to COVID-19, whilst benefiting from the acquisition of ELAC.
11 Sep 20. Adani Defence picks up 51% stake in small arms manufacturer. Adani Land Defence Systems and Technologies Ltd, a step down subsidiary of Adani Enterprises, has bought 51% stake in the small arms business of Gwalior-based PLR Systems in an all-cash transaction.
PLR Systems produces machine guns, carbines and other weapons for domestic and export markets. It was incorporated in 2013 and supplies indigenously manufactured defence equipment to armed forces. Israeli defence manufacturer IWI holds 49% stake in the company.
The deal will help the Adani group company acquire capabilities ranging from unmanned aerial vehicles (UAVs) to helicopter systems and major aero structures.
In a stock exchange filing, Adani Land Defence Systems and Technologies Ltd said it has acquired 51% of shares of PLR Systems Private Ltd from Fouraces Systems India Private Ltd on Thur. The company said PLR will produce “indigenous equipment to the 1.2 million army personnel and an equal number of para-military forces and state police forces and shall help achieve self-reliance aligned to the Make in India and Atma-Nirbhar Bharat initiative.” Adani Defence said it has already received approval from the Ministry of Home Affairs for the acquisition.
The Economic Times had reported in January that PLR Systems is poised to pick up major orders from the defence ministry, with final discussions underway for 16,400 light machine guns for which IWI is the lead contender while a larger competition for 41,000 guns is also underway. Besides, paramilitary forces and state police, too, have requirements for these small arms.
In February, Adani Elbit Advanced Systems India Ltd, a joint venture between Adani Defence & Aerospace and Elbit Systems, Israel set up the first private UAV manufacturing complex at Adani Aerospace Park in Hyderabad to indigenize unmanned aerial platforms. The only Hermes 900 production facility outside Israel which inaugurated in December 2018, it has started exporting Hermes900 Unmanned Aerial Platform to international customers.
Adani Defence & Aerospace and Elbit have agreed to set up a design and development center focusing on co-developing defence technologies aligned to the global requirements. (Source: Google/https://www.livemint.com/)
07 Sep 20. GMV Innovating Solutions Procures Nottingham Scientific Limited (NSL). GMV Innovating Solutions Limited has signed a merger agreement with Nottingham Scientific Limited (NSL) — GMV trades in the aerospace, defense, ICT and intelligent-transportation-systems markets, while NSL is a UK leader in satellite navigation and critical applications. After the agreement, GMV becomes sole shareholder of NSL and establishes the company GMV NSL, to be integrated seamlessly into GMV’s set of companies.
In 2013, as part of its international expansion, GMV rolled out a business development strategy in the UK. This involved setting up a new company, which came on stream in late 2014 to join the suite of companies and offices in Spain, USA, Germany, France, Poland, Portugal, Romania, The Netherlands, Malaysia and Colombia.
Working from its Harwell innovation center in Oxfordshire, GMV’s main UK business is Earth Observation (EO), space debris tracking, mission planning, flight dynamics, navigation, autonomy and robotics. The firm’s principal clients include the European Space Agency (ESA) and the European Commission (EC), as well as UK’s space agency (UKSA), the Defence Science and Technology Laboratory (DSTL), Innovate UK, ASUK, Satellite applications Catapult and the Science Technology Facility Council (STFC).
Established in 1998, NSL is a UK-based SME specializing in satellite navigation and critical applications. NSL offers GNSS-based services, systems, solutions and intellectual property, helping to ensure that navigation and positioning are precise and reliable, secure and protected, resistant and robust. NSL’s major clients include UK Space Agency, ESA, UK Government departments, QinetiQ, Inmarsat, and the European Commission.
GMV NSL, 80-strong, will be integrated into GMV’s set of companies, which closed 2019 with a staff of 2,176 and a turnover of more than 236m euros. GMV NSL will tap into the opportunities offered by the UK market, especially the space market, in satellite navigation and in critical applications as well as in EO, telecommunications and new technologies, with the overarching aim of winning the pole position in Britain’s space sector.
Jesús B. Serrano, GMV’s CEO, said, “This merger will enable the resultant firm to tap into significant commercial, technological and operational synergies, boosting GMV NSL’s rate of growth and winning it a place in the space programs of both the UK and Europe as a whole.”
Mark Dumville, Co-founder and Director of NSL, added, “In our different ways, GMV and NSL are regarded as world leading space companies and this agreement will expand our capabilities and capacity enabling us to successfully tackle even greater challenges and consolidate GMV NSL’s position as the benchmark space company.” (Source: Satnews)