Terran Orbital and Hanwha Systems Sign Memorandum of Understanding (Image Credit: Terran Orbital)
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
BOCA RATON, Fla., June 26, 2024—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.
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 strenghening 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.
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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/
Media Contacts:
Juliana Johnson
Public Relations
pr@terranorbital.com
949-508-6404
Soojin Kim
Hanwha Systems Communication Team
Soojin16444@hanwha.com
