Mynaric Applauds European Union's Agreement to Build Sovereign Satellite Constellation

Emerging companies to build 30% of infrastructure; EU plans to spend 2.4 billion euros on network with additional investments expected from European Space Agency and private sources.

MUNICH, GERMANY / ACCESSWIRE / November 21, 2022 / Mynaric (NASDAQ:MYNA) (FRA:M0YN), a leading provider of industrialized, cost-effective, and scalable laser communications products, applauds the agreement by the Commission, Council and Parliament of the European Union to establish a sovereign European satellite constellation focused on government services.

According to the agreement of November 17th the satellite network will be utilizing start-ups to build 30% of the total infrastructure. As a leading scale-up for laser communication systems for satellites with design and manufacturing capabilities in Europe and with its strategy to provide industrialized products to a range of government and commercial customers, Mynaric stands ready as needed to support the deployment of Europe's sovereign satellite network.

The multi-orbital constellation of hundreds of satellites is expected to provide resilient services covering critical infrastructure protection, situational awareness, and support for external actions and crisis management. Negotiators from the EU Parliament and member states agreed on the satellite constellation that is set to receive 2.4 billion euros from the EU budget plus a contribution from the European Space Agency (ESA) as well as private investments in the coming years.

"Space is indeed a much coveted area in which the European Union must guarantee its essential interests. And our space technologies have become strategic capabilities for our citizens, for the resilience of our economies and of course for our armies, " said Thierry Breton, EU Commissioner for the Internal Market in an online statement. "Following today's agreement in trilogue (Commission, Council, Parliament), we will start work as of tomorrow to roll out the implementation of this important project."

With the satellite network called IRIS² (Infrastructure for Resilience, Interconnection and Security by Satellites) the European Union wants to ensure secure communications for businesses and citizens that will complement the already established Galileo positioning navigation and timing constellation and Copernicus Earth observation satellite systems.

"We are excited the EU has agreed to establish its own secure satellite communications constellation and applaud the decision to entrust start-ups to build a significant part of the infrastructure," said Tina Ghataore, CCO of Mynaric. "We believe optical inter-satellite links are crucial to establish secure connectivity services from space and Mynaric offers industrialized optical communications terminals needed to establish such links. We stand ready to support Europe's ambitions for sovereign and secure satellite-based connectivity services as needed and would be delighted to provide Europe with our highly capable and competitive products that have already been selected for strategic US government satellite networks."

Mynaric's CONDOR family of optical communications terminals is specifically designed for mass deployment as part of government and commercial satellite constellations. CONDOR products have already been selected as part of multiple leading US government programs such as the SDA Tranche 1 Transport Layer, the SDA Tranche 1 Tracking Layer and the DARPA Space-BACN program.

About Mynaric

Mynaric (NASDAQ: MYNA) (FRA: M0YN) is leading the industrial revolution of laser communications by producing optical communications terminals for air, space and mobile applications. Laser communication networks provide connectivity from the sky, allowing for ultra-high data rates and secure, long-distance data transmission between moving objects for wireless terrestrial, mobility, airborne- and space-based applications. The company is headquartered in Munich, Germany, with additional locations in Los Angeles, California, and Washington, D.C.

For more information, visit mynaric.com.

MEDIA CONTACT

Krista Hazen
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INVESTOR CONTACT

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SOURCE: Mynaric AG