Hong Kong Aerospace enters into a Memorandum of Understanding with Italy’s D-Orbit
The Company believes a business arrangement with D-Orbit will have a positive impact on the future development of its aerospace business by leveraging D-Orbit’s experience and solutions of space logistics technology and transportation solutions
Hong Kong Aerospace Technology Group Limited (Hong Kong Stock Code 1725, US ADR Symbol ASTGY) (the “Company”) is pleased to announce that, on September 28th, the Company and D-Orbit S.p.A. entered into a memorandum of understanding (the ‘‘MOU’’) for a strategic partnership for satellite manufacturing and technology cooperation.
Scope of collaboration pursuant to the MOU
Hong Kong Aerospace and D-Orbit intend to explore potential collaboration opportunities including:
(i) satellite and payload launching services to be provided by the Company to D-Orbit;
(ii) the manufacturing of 20 satellites per year by Hong Kong Aerospace for D-Orbit;
(iii) Hong Kong Aerospace assisting D-Orbit in exploring opportunities in the Asian market;
(iii) D-Orbit providing its Cloud Platform, a space cloud-based computing technology, to Hong Kong Aerospace;
(iv ) Launching and deployment services provided to Hong Kong Aerospace, utilizing D-Orbit’s orbital transfer vehicle; and
(v) In orbit satellite validation and demonstration services to be provided by D-Orbit to the Company'
The MOU is effective for a term of one year, and does not constitute a legally binding commitment of the parties. Hong Kong Aerospace and D-Orbit will negotiate in good faith regarding a definitive agreement.
About D-Orbit
Founded in 2011, Italy-based D-Orbit, with offices in Italy, Portugal, the UK and the U.S., is principally engaged in space logistics and transportation services. D-Orbit has a track record of space-proven services, technologies, and successful missions. It is committed to pursuing profitable, environment-friendly and socially-beneficial business operations.
D-Orbit is the first company addressing the logistics needs of the space market. As an example, it developed, manufactured and operated ION Satellite Carrier (‘‘ION’’), a space vehicle that can transport satellites in orbit and release them individually into distinct orbital slots, thus reducing the time from launch to operation and launch costs. ION can also accommodate multiple third-party payloads to carry out in-orbit testing, and may be rented by satellite operators to provide edge computing applications and space cloud services.
D-Orbit Website: https://www.dorbit.space
About Hong Kong Aerospace and it’s collaboration with D-Orbit
Hong Kong Aerospace is principally engaged in (1) electronics manufacturing; and (2) aerospace which includes (a) satellite manufacturing; (b) satellite measurement and controlling; and (c) satellite launching.
Hong Kong Aerospace is constructing a satellite manufacturing and operation control center and application center at the Advanced Manufacturing Centre located at Tseung Kwan Industrial Estate in Hong Kong. When operational, Hong Kong Aerospace will use the facility for aerospace research and development activities.
The Company believes a business arrangement with D-Orbit will have a positive impact on the future development of its aerospace business by leveraging D-Orbit’s experience and solutions of space logistics technology and transportation solutions. Because of these factors, Hong Kong Aerospace believes that a business relationship with D-Orbit is in the best interests of the company and its shareholders.
The Company will make further announcement(s) in compliance with the Rules Governing the Listing of Securities of The Stock Exchange of Hong Kong Limited as and when appropriate for any material developments or other binding agreement(s) be entered into in relation to the transactions contemplated under the MOU. There is no assurance of the Company that any collaboration contemplated under the MOU and this announcement will materialize. Shareholders and potential investors of the Company should note that the potential collaboration is subject to, among other things, the entering into of formal agreement(s) with D-Orbit, the major terms and conditions of which are yet to be agreed upon. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.
Hong Kong Aerospace Website: https://www.hkatg.com
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Source: Hong Kong Aerospace