PV Labs Receives Investment from Lockheed Martin in Fifth-Generation Advanced Stabilization Technology
BURLINGTON, ON, Jan. 8, 2020 /PRNewswire/ - PV Labs today announced that it has received a $4 million USD investment from Lockheed Martin (NYSE: LMT) under the Government of Canada Industrial Technological Benefits (ITB) Investment Framework Policy. This investment enables PV Labs Ltd., an Ontario, Canada-based advanced imaging solutions company to continue revolutionizing electro-optical / infrared sensing.
Lockheed Martin's investment is in direct support of the ITB obligations associated with Canada's purchase and In-Service Support maintenance, and support of 17 CC-130J Super Hercules aircraft, which were delivered to the Royal Canadian Air Force in 2010.
The investment will further expand PV Labs involvement in surveillance research as it relates to their patented Fifth-generation Advanced Stabilization Technology (FAST) along with the development of high resolution, long range optical sensors.
As a result PV Labs will continue the development of a next generation Electro-Optical / Infrared Sensor System that was first demonstrated with Lockheed Martin for a US defense agency in May of 2019. The continuation will be tested and flown in late 2020. The new sensor system will provide greater resolution at further standoff range while providing superior image stabilization.
"This is an important investment for Lockheed Martin in a Canadian business providing innovative technology for today's warfighter," said Lorraine Ben, chief executive of Lockheed Martin Canada. "We are always looking for the best opportunities to partner with local businesses and grow our global supply chain while making a substantial economic impact in Canada."
Under this investment Lockheed Martin will be able to provide leap ahead sensor technology to the operator that will increase overall mission effectiveness while also keeping them out of harm's way
"Lockheed Martin and PV Labs have enjoyed collaborating on ground-breaking projects for over a decade, and through this ITB this relationship will continue to grow while also providing impactful jobs in the Burlington and Hamilton, Ontario region," said Mark Chamberlain, PV Labs CEO.
About PV Labs
Headquartered in Burlington, Ontario, PV Labs is an established designer and developer of aerial imaging systems used for Intelligence, Surveillance, & Reconnaissance (ISR) applications within various levels of governments and military. For additional information, visit our website.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. For additional information, visit our website.
SOURCE PV Labs Ltd.
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