Insider Brief:
- U.N. regulator finds Rivada meets criteria to launch satellite constellations beginning 2026.
- The ITU (International Telecommunications Union) waived a requirement for Rivada to put the first 10% of its planned satellite constellation into orbit by September 2023.
- The US $2.4 billion contract calls for Terran Orbital to design and build 300 satellites, each weighing approximately 500 kilograms, with Rivada holding an option for a second tranche of 300 satellites.
PRESS RELEASE — Boca Raton, Florida / July 6, 2023 — On Thursday, Terran Orbital Corporation (NYSE: LLAP) congratulated its customer Rivada Space Networks for receiving a waiver from regulators at the International Telecommunications Union.
Per a July 5, 2023 Rivada press release, the regulator’s waiver process sought evidence of Rivada’s financing for the project and information regarding satellite manufacturing and launch contracts with its key vendors, including Terran Orbital. The ITU waived a requirement for Rivada to put the first 10% of its planned satellite constellation into orbit by September 2023.
The waiver is also a significant milestone for Terran Orbital, allowing it to continue the development and manufacture of its first tranche of satellites for Rivada, under a contract the two companies signed in February 2023. The $2.4 billion contract calls for Terran Orbital to design and build 300 satellites, each weighing approximately 500 kilograms, with Rivada holding an option for a second tranche of 300 satellites.
Rivada’s two planned LEO constellations will comprise a communications network it calls the OuterNET. The program aims to produce a global network of laser-connected non-geostationary orbit satellites to provide secure, global, end-to-end enterprise-grade data connectivity with low latency for a host of customers in the telecom, enterprise, maritime, energy and government services sectors.
Terran Orbital Chairman and CEO Marc Bell said:
“Terran Orbital congratulates Rivada on meeting the ITU’s stringent waiver review requirements. Terran Orbital is working with Rivada to forge a new market for low-Earth orbit satellites that provide fast, dependable telecommunications services for various enterprise and government customers across markets and countries.”
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Contact Information:
Media Contact
Dan Axelrod
[email protected]
949-656-0037
Investor Relations Contact
Jonathan Siegmann
[email protected]
949-202-8476
SOURCE: Terran Orbital
Featured image: Credit: Terran Orbital
