Satellite company Terran Orbital announced a new contract with a leading defense and aerospace company Thursday morning.
What Happened: Terran Orbital announced a contract with Lockheed Martin (NYSE:LMT) for three microsatellite class satellites. Terran will also provide launch procurement, integration and operations in support of the product demonstration.
“We are thrilled Terran Orbital will be part of another program with Lockheed Martin. This contract award provides an exciting opportunity for the company to demonstrate our capabilities as a small satellite provider delivering cost-effective end-to-end solutions enabling missions,” Terran Orbital co-founder and CEO Marc Bell said.
Related Link: Satellite Company Terran Orbital Announces SPAC Deal: What Investors Should Know
Why It’s Important: Terran Orbital is set to go public via SPAC merger with Tailwind Two Acquisition Corp (NYSE:TWNT).
“It is a privilege to evolve our agile aerospace process as we expand our partnership with the top defense contractor in the world, Lockheed Martin,” Terran Orbital Senior Vice President Matt Gann said.
Terran plans to launch one of the most advanced earth observation constellations of small satellites. A new manufacturing facility in Florida will create one of the largest vertically integrated satellite manufacturing facilities in the world, capable of producing over 1,000 satellites and space vehicles annually.
The company also plans to launch a new SaaS business, calling it a “satellite-as-a-service” business.
Lockheed Martin was named as one of the PIPE investors in Terran Orbital when the SPAC deal was announced.
Photo: Courtesy of Terran
