Iridium Communications Inc. (NASDAQ:IRDM) announced today that it
has signed a Memorandum of Understanding (MoU) with Magnitude
Space, an emerging small satellite company. The signing of
this MoU signals Iridium’s interest in exploring collaborative
partnerships with complementary NewSpace players, particularly
those in the SmallSat low-power arena. As part of this MoU,
the companies will begin discussions on how to collaboratively
expand opportunities for space-based Internet of Things (IoT)
services with the development of reliable, Low Power Global Area
Network (LPGAN) technologies.
“We envision a future where numerous diverse satellite
architectures interwork to support the dramatically expanding IoT
universe,” said Matt Desch, CEO, Iridium. “From high bandwidth
access points to highly mobile and low latency devices like Iridium
supports today, to low power, higher latency networks like
Magnitude Space envisions, Iridium has the experience and global
platform to enable all of these capabilities to interwork.”
Magnitude Space, headquartered in Amsterdam, is planning to
build a network of 18-24 small satellites, that will deliver LPGAN
connectivity to remote areas of the world. From monitoring
plantation soil moisture levels to tracking livestock, Magnitude
Space’s technology will be a cost-effective, reliable option for
companies in need of very low-power, low-cost, monitoring and
tracking options that require longer life battery and infrequent
non-real-time messaging solutions.
“We are excited to begin exploring how we can work with and
benefit from a cooperation with Iridium. They are arguably
the first successful NewSpace player, and have made LEO their
successful home when others said it couldn’t be done,” said Ernst
Peter Hovinga, CEO, Magnitude Space. “As we evolve as a
company, we feel that Iridium is an ideal partner for us. They set
the standard for low earth satellite network operations, and
support a vast distribution and technology partner ecosystem for
satellite IoT customers. Since Iridium primarily serves the
requirements of customers with fully global, low latency needs, and
we plan to meet the needs of companies requiring low-power
monitoring services, we are truly complementary in our respective
approaches. We intend to commercially launch in Q2 of 2018
and believe we will be the first to market with such a service
offering. Our partnership has the potential to bring two networks
together, addressing the total IoT connectivity proposition present
in the market today. We look forward to continuing the conversation
and learning from a leader in the mobile satellite space.”
This partnership is one of several relationships Iridium has
been cultivating within the IoT industry, specifically for low
power opportunities. Developing additional lower power, high
latency alternatives can diversify Iridium’s IoT portfolio, and
creates more cost-effective, complementary options for its IoT
partners.
“Lower power initiatives are a key aspect of Iridium’s IoT
business strategy,” said Tim Last, vice president and general
manager, Iridium IoT line of business. “Magnitude Space has a solid
business proposition with a collaborative approach, which is ideal
for this exploratory phase of our relationship. The industry
needs both medium-to-high power satellite-based IoT solutions, as
well as LPGAN offerings, and we can now discuss ways to best
leverage both our network, and their offerings to expand our
portfolio of premium IoT solutions.”
Iridium’s IoT business is currently the Company’s fastest
growing line of business which saw commercial IoT data subscribers
increase 20 percent year-over-year in the second quarter of 2017.
Iridium is in the process of launching its next-generation
constellation, Iridium NEXT, which will enable Iridium CertusSM,
the Company’s state-of-the-art communications platform supporting a
portfolio of critical communications solutions. Specifically,
for Iridium IoT services, Iridium Certus will support faster speeds
and higher throughputs, delivering an enhanced version of the low
latency satellite connectivity it provides today. All Iridium IoT
services are compatible with Iridium NEXT.
For more information about Iridium’s IoT products and services,
please visit www.iridium.com/solutions/iot .
For more information about Magnitude Space, please visit
https://magnitudespace.com/ .
About Magnitude Space BV Magnitude Space is an
Amsterdam based company founded in 2016. The company delivers
global connectivity for sensor and Internet of Things (IoT) related
devices at affordable cost, by launching its own satellite based
network: the Low Power Global Area Network (the LPGAN). It is the
first of its kind to connect any IoT device- wherever it is -
delivering small data packages to thus enable actionable insights
from anywhere to everyone. For more information on Magnitude Space
and the LPGAN please visit www.magnitudespace.com
About Iridium Communications Inc.
Iridium is the only mobile voice and data satellite
communications network that spans the entire globe. Iridium enables
connections between people, organizations and assets to and from
anywhere, in real time. Together with its ecosystem of partner
companies, Iridium delivers an innovative and rich portfolio of
reliable solutions for markets that require truly global
communications. The company has a major development program
underway for its next-generation network — Iridium NEXT. Iridium
Communications Inc. is headquartered in McLean, Va., U.S.A., and
its common stock trades on the NASDAQ Global Select Market under
the ticker symbol IRDM. For more information about Iridium
products, services and partner solutions,
visit www.iridium.com.
Forward Looking StatementsStatements in this
press release that are not purely historical facts may constitute
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. The Company has based these
statements on its current expectations and the information
currently available to us. Forward-looking statements in this
presentation include statements regarding the deployment and
capabilities of the Iridium NEXT constellation and products and
services to be offered over the constellation, including IoT and
Iridium Certus, as well as the potential market for such products
and services. Forward-looking statements can be identified by the
words “anticipates,” “may,” “can,” “believes,” “expects,”
“projects,” “intends,” “likely,” “will,” “to be” and other
expressions that are predictions or indicate future events, trends
or prospects. These forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of Iridium to differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. These
risks and uncertainties include, but are not limited to,
uncertainties regarding potential delays in the Iridium NEXT
deployment, the development and functionality of Iridium NEXT and
related products and services, and the company’s ability to
maintain the health, capacity and content of its satellite
constellation, as well as general industry and economic conditions,
and competitive, legal, governmental and technological factors.
Other factors that could cause actual results to differ materially
from those indicated by the forward-looking statements include
those factors listed under the caption “Risk Factors” in the
Company’s Form 10-K for the year ended December 31, 2016, filed
with the Securities and Exchange Commission (the “SEC”) on February
23, 2017, as well as other filings Iridium makes with the SEC from
time to time. There is no assurance that Iridium’s expectations
will be realized. If one or more of these risks or uncertainties
materialize, or if Iridium's underlying assumptions prove
incorrect, actual results may vary materially from those expected,
estimated or projected. Iridium's forward-looking statements speak
only as of the date of this press release, and Iridium undertakes
no obligation to update forward-looking statements.
Press Contact:
Jordan Hassin
Iridium Communications Inc.
+1 (646) 872-0067
Jordan.Hassin@iridium.com
Twitter: @IridiumComm
Investor Contact:
Kenneth Levy
Iridium Communications Inc.
+1 (703) 287-7570
Ken.Levy@iridium.com
Twitter: @IridiumIR
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