Terran Orbital (NYSE:LLAP) announced the signing of a Memorandum of Understanding (MOU) with Seoul, South Korea-headquartered Hanwha Systems to develop state-of-the-art solar and satellite solutions through Hanwha Systems and its subsidiary Flexell Space.
The satellite manufacturer said the strategic partnership seeks to boost the defense capabilities of the US and South Korea by providing cutting-edge solutions to warfighters and establishing a robust supply base.
The two companies will work together on satellite manufacturing, including solar cells, and cooperate in the defense industry in both the US and South Korea to co-create joint solutions tailored for government bids, it added.
“This collaboration marks a significant milestone, enabling us to expand our satellite solutions and deliver unparalleled service to a broader customer base across Asia,” Terran Orbital CEO Marc Bell commented.
“Together, we are poised to drive innovation and elevate the standards of excellence in the satellite industry.”
Flexell Space CEO Tim Ahn added: “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 (NYSE:LLAP).”
Investors welcomed the news, sending shares of Terran Orbital up 4.2% to $0.76 before Wednesday’s opening bell.