TrustPoint Appoints Charles Beames as Executive Chairman
May 22 2024 - 9:00AM
Business Wire
TrustPoint, Inc., a venture-backed deep tech company dedicated
to developing and providing next-generation Global Navigation
Satellite System (GNSS) products and services, is thrilled to
welcome Charles Beames as Executive Chairman of the company’s Board
of Directors. Beames brings over three decades of aerospace and
investment expertise to TrustPoint. In his new role, Beames will
lead the TrustPoint board and work closely with the company’s
executive team in their mission to deliver solutions that address
the evolving needs of GPS customers and stakeholders worldwide.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240522417409/en/
TrustPoint's next-gen fully commercial
GNSS products and services will support a wide variety of
commercial and national security applications. (Photo: Business
Wire)
Reinvention and diversification of space-based navigation is
required for the newest applications, especially autonomous
systems. TrustPoint is currently developing a fully commercial GNSS
to provide significant accuracy, security, and availability
enhancements for both government and commercial GPS users.
“Much like other space missions originated by the Defense
Department decades ago, the current GPS system has become critical
infrastructure that needs increased resilience through a Hybrid
Space Architecture approach,” said Beames. “The current wars in
Ukraine and Israel highlight the limitations of current systems and
how they could impede continued expansion of the commercial utility
of precision navigation and threaten our ability to fight future
wars. We are eager to complement the Space Force’s venerable GPS
system to ensure the US’s ability to lead in exquisite navigation
and timing in this newly contested domain.”
Reliance on GPS services has become ubiquitous in modern life,
permeating various sectors and impacting economic activities
worldwide. While government investment, notably the US government's
annual expenditure of approximately $2 billion on GPS program
elements, has historically underpinned the sector, a paradigm shift
is underway. Beyond government applications, the simple
commercialization of the core GPS signal has already unlocked
near-unlimited economic opportunities, with industries ranging from
transportation and logistics to agriculture and
telecommunications.
Beames added “TrustPoint began with an entirely new ‘clean
sheet’ approach that leverages commoditized space hardware and a
unique service frequency to avoid the high capital and protracted
regulatory battles that have too often hobbled the sector over the
years. This approach avoids the obsolescence of other proposed
concepts while focusing on cutting edge GNSS products and services
that are robust, secure, and reliable for the new era.”
As the global demand for GNSS products and services continues to
expand, with market size estimates topping $260B today, there is a
growing recognition of the pivotal role commercial complements to
GPS will play in driving economic growth and societal advancement.
This demand for capability beyond what legacy GPS delivers is
distinctly illustrated by the growing $50 billion market segment
dedicated to aftermarket improvements and augmentations of the GPS
service.
"Chuck Beames has demonstrated across his portfolio of space
companies his unique ability to partner closely with founders. His
specific experience and insights unique to TrustPoint’s mission and
operations will be integral to accelerating our next phase of
growth and his extensive background in aerospace and investment
management are already unlocking new opportunities, guiding our
strategic direction,” said Patrick Shannon, CEO and founder of
TrustPoint. “With the addition of Chuck's leadership, TrustPoint is
even better positioned to capitalize on emerging customer needs,
drive innovation, and solidify our position as a leading provider
of next-generation GNSS solutions. We are thrilled to welcome Chuck
to the team and confident that his expertise will propel TrustPoint
to new heights."
In addition to TrustPoint, Beames currently serves as chairman
of several other aerospace companies. Prior to establishing his
investment arm Ascension Partners in 2016, he held several
corporate leadership positions including President of Vulcan
Aerospace, where he managed Microsoft co-founder Paul Allen’s $1+
billion aerospace and technology investment portfolio. Prior to
leading Vulcan and its portfolio of companies, Charles was a member
of the Senior Executive Service. His last position at DoD was as
the Principal Director, Space and Intelligence Systems, overseeing
the execution of a $90 billion annual acquisition budget. Before
that, Beames served over 22 years in space and intelligence
leadership positions, retiring from the U.S. Air Force as a
Colonel.
About TrustPoint TrustPoint is developing a revolutionary
commercial GPS service, leveraging their next-gen C-Band LEO
satellite constellation. The TrustPoint system has been developed
from the ground up to achieve the high performance, security, and
availability required for autonomous navigation, critical
infrastructure, and national security. Learn more at
www.TrustPointGPS.com.
Twitter - @TrustPointGPS LinkedIn -
https://www.linkedin.com/company/trustpointgps/
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240522417409/en/
Media Contact Burcu Erkmen media@trustpointgps.com