-New venture to be called Space Infrastructure Services (SIS)
- SSL selected to provide first advanced satellite servicing spacecraft
- SES, a world leading satellite-enabled solutions provider, contracts for first refueling mission
SAN FRANCISCO, June 28, 2017 /PRNewswire/ - SSL MDA Holdings Inc., a global communications and information company, today announced important milestones in its progress to bring transformational on-orbit satellite servicing to market. Space Infrastructure Services LLC (SIS), a new U.S. company, will commercialize sophisticated satellite servicing capabilities, including refueling. SIS will be majority owned by Finance Technology Leverage LLC (FTL), a global investment company headquartered in Silicon Valley, along with other U.S. investors, with SSL MDA Holdings maintaining a minority ownership share. Full financing for the venture is expected to conclude in the coming weeks.
"This new venture is designed to provide satellite operators with more options in fleet management," noted Howard L. Lance, President and CEO of SSL MDA Holdings. "Both commercial and government satellite operators are looking for flexibility in managing capital expenditures and better ways to incorporate resiliency into their fleets. By combining our world-class capabilities in satellite manufacturing and robotics together, SSL MDA is uniquely positioned to enable this next-generation capability."
On-orbit satellite servicing will provide operators with the ability to enhance the existing use of space assets through life extension, inspection, and repair. In addition, satellite servicing provides a capability to perform partial assembly in orbit, either augmenting existing satellites, replacing elements from modular satellites or constructing larger satellites freed from the mass and size constraints of launch.
Spacecraft Manufacturing Contract
SIS has awarded a contract to SSL, a leading provider of innovative satellites and spacecraft systems, to design and build the highly capable satellite servicing spacecraft vehicle. The vehicle will fully meet the specifications for the Defense Advanced Research Projects Agency (DARPA)'s Robotic Servicing of Geosynchronous Satellites (RSGS) program, which is designed to inspect, repair, and augment geosynchronous satellites and plans to include a refueling payload to extend the life of satellites that are low on propellant. The contract is valued at US$228 million (CA$305 million). SSL is working with the Naval Research Laboratory, The Charles Draper Laboratory and MDA robotics divisions in Brampton, Ontario and Pasadena, CA. to develop the servicer.
"FTL is committed to advancing space-related industries by supporting key technologies and markets," said Ray Conley, Managing Partner of FTL. "On-orbit refueling and repairing of spacecraft is a critical step in humanity's march toward a vibrant and exciting frontier. We believe that SSL has assembled the world's premier team to make SIS the leaders in this vital new arena."
First Commercial Customer
The company also announced that SES, a world leading satellite-enabled solutions provider, with more than 50 GEO satellites and 12 MEO satellites on orbit, has entered into an agreement for an initial life extension mission with options for further missions. Under this agreement, SES will be the first commercial customer to benefit from satellite refueling that can be called up as needed with minimal disruption to spacecraft operation.
"Satellite servicing on orbit will be essential to next-generation architectures for communications satellites," said Martin Halliwell, Chief Technology Officer of SES. "We are pleased to be working on a refueling mission that may enable us to get more value out of satellites already on orbit. Refueling will be relatively quick and we will be able to maintain control of our spacecraft at all times."
Once orbital demonstrations under the RSGS program are complete, SIS will receive the satellite servicing vehicle to operate throughout its lifetime. Steve Oldham, Senior Vice President Business Development with SSL MDA, is responsible for the SIS business.
SES is the world-leading satellite operator and the first to deliver a differentiated and scalable GEO-MEO offering worldwide, with more than 50 satellites in Geostationary Earth Orbit (GEO) and 12 in Medium Earth Orbit (MEO). SES focuses on value-added, end-to-end solutions in two key business units: SES Video and SES Networks. The company provides satellite communications services to broadcasters, content and internet service providers, mobile and fixed network operators, governments and institutions. SES's portfolio includes the ASTRA satellite system, which has the largest Direct-to-Home (DTH) television reach in Europe, O3b Networks, a global managed data communications service provider, and MX1, a leading media service provider that offers a full suite of innovative digital video and media services. Further information available at: www.ses.com
Founded in 2013, Finance Technology Leverage (FTL) is a global venture finance company headquartered in Silicon Valley. The firm invests in biotechnology, energy, and space & technology infrastructure. FTL's approach to project finance is as innovative as the companies it funds. Incorporating elements of venture capital, private equity, traditional banking, and insurance, FTL is able to develop capital structures and provide funding to projects that are otherwise deemed "impossible," often because the capital is too large, the timeline is too long, or the perceived risk is too great. For more information, visit www.ftl.vc.
MDA is a global communications and information company providing operational solutions to commercial and government organizations worldwide.
MDA's business is focused on markets and customers with strong repeat business potential, primarily in the Communications sector and the Surveillance and Intelligence sector. In addition, the Company conducts a significant amount of advanced technology development.
MDA's established global customer base is served by more than 4,800 employees operating from 15 locations in the United States, Canada, and internationally.
The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
About SSL MDA Holdings
SSL MDA Holdings is a wholly owned subsidiary of MacDonald, Dettwiler and Associates Ltd. (MDA) and serves as the operating company for all MDA businesses. SSL MDA Holdings has its headquarters in San Francisco.
Space Systems Loral (SSL) is a leading provider of commercial satellites with broad expertise to support satellite operators and innovative space related missions. The company designs and manufactures spacecraft for services such as direct-to-home television, video content distribution, broadband internet, mobile communications, and Earth observation. As a Silicon Valley innovator for 60 years, SSL's advanced product line also includes state-of-the-art small satellites, and sophisticated robotics and automation solutions for remote operations. For more information, visit www.sslmda.com.
This release contains forward-looking statements and information, which reflect the current view of MacDonald, Dettwiler and Associates Ltd. ("MDA" or the "Company") with respect to future events and financial performance. The forward-looking statements in this regard include statements regarding the strategic business venture entered into between MDA and its business partner. Any such forward-looking statements are based on MDA's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. The factors and assumptions underlying the forward-looking statements in this release include, but are not limited to, certain contracts not being terminated. Any such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from current expectations. MDA cautions readers that should certain risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. The risks that could cause actual results to differ from current expectations include, but are not limited to: risks associated with executing the parties strategy and plans for securing future commercial customers; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected deterioration of economic and financial conditions; the imposition of budgetary constraints or deferment of funding for programs in which the Company or its customers participate; risks associated with satellite manufacturing, including competition, cyclicality of end-user markets, contractual risks, creditworthiness of customers, performance of suppliers and management of factory and personnel; certain customers are highly leveraged and may not fulfil their contractual payment obligations, including vendor financing; risks associated with operating satellites and providing satellite services, including satellite construction or launch delays, launch failures, in-orbit failures or impaired satellite performance; risk associated with financial factors such as volatility in exchange rates, increases in interest rates and restrictions on access to capital; failure of third parties and subcontractors; failure of systems to meet performance requirements; failure to anticipate changes in technology, technical standards and offerings or compliance with the requisite standards, or failure to maintain technological advances and offer new products to retain customers and market position; and other risks including litigation. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. Except as required by law, MDA disclaims any obligation or undertaking to update or revise the information herein.
For additional information with respect to certain of these risks or factors, plus additional risks or factors, reference should be made to the Company's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, which are available online under the Company's profile at www.sedar.com or on the Company's website at www.mdacorporation.com.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.
Wendy Lewis | SSL Media Contact | 1-650-852-5188 | email@example.com
Wendy Keyzer | MDA Media Contact | 1-604-231-2743 | firstname.lastname@example.org
Marissa Poratto | MDA Investor Relations | 1-604-331-2044 | email@example.com
SOURCE MacDonald, Dettwiler and Associates Ltd.