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The agreement brings Momentus’ services to new geographies
SAN JOSE, CA, December 5, 2022—(BUSINESS WIRE)–Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), an American commercial space company that offers transportation and other infrastructure services in space, has signed an agreement with CONTEC Co of the Republic of Korea to provide space transportation services for the JINJUSat-1 CubeSat.
This press release contains multimedia. See the full press release here: https://vvv.businessvire.com/nevs/home/20221204005052/en/
Momentus International Business Development Vice President Jean-Philippe Divo and CONTEC Co. CEO Dr. Sunghee Lee at Space Tech Expo Europe 2022 (Photo: Business Wire)
JINJUSat-1 is led by three entities: Jinju City, Korea Test Laboratory and Gyeongsang National University. The goal of the satellite is to launch on the SpaceX Transporter-9 mission no later than October 2023. Once in orbit, the cameras mounted on the satellite will perform a mission of imaging the Earth.
“The Momentus team is looking forward to cooperation with CONTEC Co.” and supporting the growth of South Korea’s space industry,” said Momentus CEO John Rudd. “We have all witnessed the impressive growth of the South Korean economy, including high-tech areas such as electronics, aviation and the automotive industry. The South Korean government aims to inspire and encourage participation in the space economy, and Momentus is eager to support this vision. Space transportation is a fundamental building block for advancing the use of space, and we stand ready to provide infrastructure services to enable CONTEC’s ambitions for the future.”
“CONTEC is excited to work with Momentus for a national space project. JINJUSat-1 is expected to boost local space business and train space professionals. We are proud to participate in this project and to put their satellite into orbit,” said CONTEC CEO Sunghee Lee. “With its global network of ground stations, CONTEC is also discussing with the government to use ground station capabilities to serve more national projects and contribute to the growth of the domestic space industry.
About Momentus
Momentus is an American commercial space company that offers infrastructure services in space, including space transportation, hosted payloads and in-orbit services. Momentus believes it can enable new ways of working in space with its Space Transfer and Service Vehicles, which will be powered by an innovative water plasma-based propulsion system under development.
About CONTEC
Founded in January 2015, CONTEC is a spin-off company from KARI (Korea Aerospace Research Institute) and offers a ground station service with its own global ground network as well as hosting service at each location. The company also provides satellite image processing (CAL/VAL) solution for customer’s satellites using proprietary algorithm and image analytics with DL (Deep Learning) algorithm for application in various industries such as smart cities, maritime, agriculture and defense.
Most recently, CONTEC raised approximately US$63 million in Series C funding. CONTEC plans to use the newly raised capital to expand its ground network, including an OGS (optical ground station) and telescope network for the SSA (Space Situational Awareness) service.
Forward-looking statements
This press release contains certain statements that may constitute “forward-looking statements” for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of Momentus or its management team regarding the future, projections, forecasts or other characterizations of future events or circumstances, including any fundamental assumptions and are not guarantees of future performance. Because forward-looking statements are forward-looking, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond Momentus’ control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risks and uncertainties included under the heading “Risk Factors” in the annual report on the form 10-K filed by the Company on March 9, 2022, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (“SEC”), available on the SEC’s website at www.sec. gov and the Investor Relations section of our website at investors.momentus.space. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and, except as required by law, the Company undertakes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or some other way.
See the original version on businesswire.com: https://www.businessvire.com/nevs/home/20221204005052/en/
Contacts
Investors
Darryl Genovesi at investors@momentus.space
The media
Jessica Pieczonka at press@momentus.space
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