Sidus completes critical milestone for multi million-dollar satellite agreement, triggering milestone payment
CAPE CANAVERAL, FL, October 23, 2024 – Sidus Space (NASDAQ: SIDU) (the “Company” or “Sidus”), an innovative, agile space mission enabler, today announced the successful completion of the critical design review for LizzieSat™ NL, a laser communication satellite contracted by The Netherlands Organization (TNO). This milestone not only validates the technical baseline for the satellite design but also triggers a milestone payment as part of the multimillion-dollar agreement.
The CDR milestone locks the space vehicle technical baseline, affirming LizzieSat™ NL’s readiness to proceed with flight-unit fabrication, assembly, system integration and testing. The completion of the major milestone moves the program closer to demonstrating TNO’s HemiCAT, a high-efficiency miniature communications laser terminal, integrated into Sidus’ hybrid 3D printed satellite platform, LizzieSat™. As part of the agreement with TNO, Sidus will manage all aspects of integration, deployment and on-orbit operation for HemiCAT.
“We are thrilled to achieve this critical milestone in the LizzieSat™ NL program, which not only advances our partnership with TNO but also demonstrates the value of our adaptable solutions and positions us at the forefront of innovation,” said Carol Craig, CEO of Sidus Space. “This milestone brings Sidus closer to harnessing the transformative power of laser communications, significantly improving data transfer rates and unlocking new opportunities for our customers.”
By utilizing laser technology, satellite operators can access much higher bandwidth compared to traditional radio frequency systems, enabling the transmission of up to 100 times more data. This increased capacity greatly enhances applications like persistent surveillance and Earth imaging, facilitating real-time insights and faster response times.
About Sidus Space
Sidus Space (NASDAQ: SIDU) is a space mission enabler providing flexible, cost-effective solutions including custom satellite design, payload hosting, mission management, space manufacturing and AI enhanced space-based sensor data-as-a-service. With its mission of Space Access Reimagined™, Sidus Space is committed to rapid innovation, adaptable and cost-effective solutions, and the optimization of space system and data collection performance. With demonstrated space heritage including manufacturing and operating its own satellite and sensor system, LizzieSat™, Sidus Space serves government, defense, intelligence and commercial companies around the globe. Strategically headquartered on Florida’s Space Coast, Sidus Space operates a 35,000-square-foot space manufacturing, assembly, integration and testing facility and provides easy access to nearby launch facilities.
For more information, visit: https://www.sidusspace.com
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute ‘forward-looking statements’ within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words ‘anticipate,’ ‘believe,’ ‘continue,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘intend,’ ‘may,’ ‘plan,’ ‘potential,’ ‘predict,’ ‘project,’ ‘should,’ ‘target,’ ‘will,’ ‘would’ and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled ‘Risk Factors’ in Sidus Space’s Annual Report on Form 10-K for the year ended December 31, 2023, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Sidus Space, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
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