Terran Orbital and Hanwha Systems Form Strategic Partnership

Terran Orbital and Hanwha Systems Form Strategic Partnership
by Clarence Oxford
Los Angeles CA (SPX) Jun 27, 2024

Terran Orbital Corporation (NYSE: LLAP), a leader in satellite-based solutions for the aerospace and defense industries, has signed a Memorandum of Understanding (MOU) with Hanwha Systems. This agreement solidifies their partnership and marks a major step in their joint efforts to develop advanced solar and satellite solutions through Hanwha Systems and its subsidiary, Flexell Space.

The collaboration aims to enhance the defense capabilities of both the United States and South Korea by delivering advanced solutions and establishing a strong supply base.

Under this partnership, Terran Orbital and Hanwha Systems will collaborate on satellite manufacturing, including solar cells, and work together in the defense sector in both countries. This initiative will enable both companies to create joint solutions for government bids, advancing their mission goals.

Collaboration Highlights:

Joint Research and Development on Satellite Power Systems: The MOU sets the stage for collaborative R and D, fostering innovation and breakthroughs in solar technology for satellites with Flexell Space.

Next-Generation Satellite Technologies: The partnership focuses on delivering cutting-edge satellite technologies, providing a strategic advantage in various defense scenarios.

Resource and Knowledge Sharing: By sharing resources, knowledge, and best practices, both companies aim to speed up development, enhance product performance, and offer cost-effective solutions to defense customers.

Geographic Expansion: Terran Orbital will expand its presence in Korea, while Flexell will enter the USA market.

"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 highlights the shared vision and 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.