Defense and Space

Terran Orbital Completes NASA Pathfinder Technology Demonstrator 3 Bus Commissioning Less Than One Week After Launch

Terran Orbital
Terran Orbital Corporation a global leader in satellite solutions, primarily serving the United States aerospace and defense industry, today announced its Pathfinder Technology Demonstrator 3 satellite has completed bus commissioning with all health and status checkouts nominal.

Terran Orbital designed and built the PTD-3 satellite in support of NASA’s PTD series of missions. The missions will test the operation of a variety of novel small satellite technologies in low-Earth orbit while providing significant enhancements to performance. The successful demonstration of new subsystem technologies throughout multiple planned PTD missions will increase small spacecraft capabilities to enable future exploration missions and science.

PTD-3 carries the TeraByte InfraRed Delivery payload developed by MIT Lincoln Laboratory and managed by NASA’s Goddard Space Flight Center. Funding for the TBIRD technology payload is provided by NASA’s Space Communications and Navigation (SCaN) program in the Space Operations Mission Directorate. NASA’s Space Technology Mission Directorate’s Small Spacecraft Technology program provides funding for the spacecraft, payload integration, mission operations, and launch. The PTD-3 spacecraft will demonstrate a space-to-ground data transfer capability at orders of magnitude faster than previously demonstrated technologies – opening doors to large volume data communications and data accessibility for advanced space exploration while delivering multiple terabytes of data per day to a single ground station.

The PTD series of missions each utilize a commercial spacecraft bus and avionics developed by Terran Orbital. This spacecraft platform easily accommodates a variety of mission payloads, while leveraging the production efficiency and flight heritage of a proven satellite bus. Terran Orbital also serves as the payload integrator for the PTD missions and performs on-orbit mission operations from the Terran Orbital Mission Operations Center in Irvine, CA.

Terran Orbital is extremely proud PTD-3 bus commissioning was completed mere days after reaching orbit. The technologies featured in PTD-3 will greatly benefit the ways we measure and observe activity on Earth and how we communicate that data. Creating the technology and satellite capabilities that fuel NASA’s PTD missions is an absolute privilege. Terran Orbital looks forward to continuing our on-orbit operations of PTD-3 and designing, building, integrating, and operating the additional upcoming PTD satellites.”

Terran Orbital Co-Founder, Chairman, and Chief Executive Officer Marc Bell

About Terran Orbital
Terran Orbital is a leading manufacturer of small satellites primarily serving the United States and Allied aerospace and defense industries. Terran Orbital provides end-to-end satellite solutions by combining satellite design, production, launch planning, mission operations, and on-orbit support to meet the needs of the most demanding military, civil, and commercial customers.

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Aviation Technology

Wheels Up Finalizes New Investment with Delta, Certares, Knighthead and Cox

Wheels Up | September 26, 2023

Wheels Up Experience (NYSE: UP) today announced that it has closed the previously announced investment by Delta Air Lines, Certares Management LLC, Knighthead Capital Management LLC and Cox Enterprises. The new investment structure combines the experience of Delta, the No. 1 premium airline, with the travel and tourism focus of Certares and turnaround and restructuring experience of Knighthead. It includes an agreement for a $500 million credit facility to Wheels Up, with funds contributed by Delta and CK Wheels LLC, which is co-managed by affiliates of Certares and Knighthead, and Cox. The announcement follows last week's selection of George Mattson as the company's new CEO. "This investment represents both an important source of capital for Wheels Up to support our strategy for financial stability, future profitability and long-term growth on behalf of our members and customers, as well as a vote of confidence in our path forward from a group of investors with deep experience in the premium travel space," Mattson said. "We look forward to working closely with Delta and our other investors to deliver best-in-class operating performance and an exceptional customer experience which, as we deepen our commercial partnership, will also enable us to provide a one-of-a-kind seamless connection between private and premium commercial travel." "Wheels Up is an integral part of Delta's portfolio of premium partners, and this deep relationship offers a significant opportunity to deliver compelling benefits to our customers that are unique in the travel space," said Dan Janki, Wheels Up Chairman and Delta's Chief Financial Officer. "This investment and new leadership puts Wheels Up on a strong path to future success." The credit facility is comprised of a $350 million term loan funded at closing from Delta, CK Wheels LLC and Cox and a $100 million revolving credit facility from Delta. The terms of the credit agreement permit a new lender to provide a $50 million term loan after the closing date, as approved by Delta, Certares, Knighthead and Cox, and it is anticipated this additional funding will close in the near term. In connection with the closing of the credit facility, the lenders will initially receive newly issued Wheels Up common stock representing 80% of the company's outstanding equity as of the closing of the credit facility, on a fully diluted basis. After approval by Wheels Up's stockholders of an amendment to its certificate of incorporation, the company will issue to the lenders additional new shares such that the lenders will own 95% of the company's outstanding equity as of the closing of the credit facility, on a fully diluted basis. Wheels Up also announced a new structure for its Board of Directors. Under the new structure, Delta Air Lines will appoint four directors, Certares and Knighthead each will appoint two directors, and Cox will appoint one director. In addition, one company executive will join the Board and two independent directors are expected to remain from the previous Board. The parties were assisted in the transaction by a number of strategic advisors, including: Davis Polk, Jefferies LLC, Kirkland & Ellis and PJT Partners. About Wheels Up Wheels Up is a leading provider of on-demand private aviation in the U.S. and one of the largest private aviation companies in the world. Wheels Up offers a complete global aviation solution with a large, modern, and diverse fleet, backed by an uncompromising commitment to safety and service. Customers can access membership programs, charter, aircraft management services and whole aircraft sales, as well as unique commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also offers freight, safety and security solutions and managed services to individuals, industry, government, and civil organizations. Wheels Up is guided by the mission to connect private flyers to aircraft, and one another, through an open platform that seamlessly enables life's most important experiences. Powered by a global private aviation marketplace connecting its base of approximately 12,000 members and customers to a network of approximately 1,500 safety-vetted and verified private aircraft, Wheels Up is widening the aperture of private travel for millions of consumers globally. With the Wheels Up mobile app and website, members and customers have the digital convenience to search, book and fly.

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Aviation Technology

Joby Subsidiary H2FLY Completes World’s First Piloted Flight of Liquid Hydrogen Powered Electric Aircraft

Business Wire | September 14, 2023

H2FLY, a wholly-owned subsidiary of Joby Aviation, today announced the successful completion of the world’s first piloted flight of a liquid hydrogen-powered electric aircraft. H2FLY, acquired by Joby in 2021, continues to lead the industry on the development and testing of hydrogen aviation propulsion systems. The company completed a series of piloted flights with its HY4 demonstrator aircraft, including one that lasted more than three hours, fitted with a hydrogen-electric fuel cell propulsion system and liquid hydrogen that powered it for the entire flight. The flights demonstrate the viability of using cryogenically-stored liquid hydrogen instead of gaseous hydrogen, which enables significantly lower tank weights and volume, leading to longer range. The successful installation and demonstration of flight with liquid hydrogen is believed to increase the range of H2FLY’s HY4 demonstrator aircraft from 466 mi (750 km) to 932 mi (1500 km), marking a critical step towards the long-term decarbonization of mid- to long-range aviation. “H2FLY are pioneers in their field, and we’re proud of them achieving this watershed moment in the use of liquid hydrogen to power aircraft,” said JoeBen Bevirt, Founder and CEO of Joby Aviation. “In the years to come, battery-electric and hydrogen-electric propulsion systems will enable us to build aircraft that are quieter and make mid- to long-range air travel possible with zero emissions. It’s critical we take action now and invest aggressively in these technologies for the health of our planet and future generations to come.” The successful flights are the culmination of Project HEAVEN, a European-government-supported consortium assembled to demonstrate the feasibility of using liquid hydrogen in aircraft. The consortium is led by H2FLY and includes the partners Air Liquide, Pipistrel Vertical Solutions, the German Aerospace Center (DLR), EKPO Fuel Cell Technologies, and Fundación Ayesa. Following this test flight milestone, H2FLY will increasingly focus on its path to commercialization. In June, H2FLY announced the development of its new fuel cell systems, which will be capable of providing their full power range at altitudes high enough to enable commercial hydrogen-electric aircraft, demonstrating real-world commercial aircraft applications. About Joby Joby Aviation, Inc. is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi which it intends to operate as part of a fast, quiet, and convenient service in cities around the world.

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Aviation Technology

BETA Technologies picks Garmin for its all-electric aircraft

Aerospace Manufacturing and Design | October 10, 2023

Garmin has a long-term agreement to provide the state-of-the-art Garmin G3000 integrated flight deck to BETA Technologies for its CX300 electric fixed-wing aircraft and A250 electric vertical takeoff and landing (eVTOL) aircraft. The conventional fixed wing CX300 aircraft and A250 eVTOL aircraft are designed to enable a diverse range of missions and operations including short-haul transport operations for military, cargo, medical, and passenger applications – all with zero emissions and lower operational costs. BETA intends to enter into service as early as 2025 with its ALIA CTOL (CX300), and as early as 2026 with its ALIA VTOL (A250). "We've been strategically working with BETA for several years in their effort towards bringing a sustainable aviation solution to the market. It's an honor to have our integrated flight deck chosen for the revolutionary A250 and CX300 aircraft and we are thrilled to be part of BETA's mission to grow the electric aviation market," said Phil Straub, Garmin executive vice president & managing director, Aviation. Garmin's integrated flight deck boasts vibrant high-resolution flights displays and the latest communication, navigation, surveillance air traffic management (CNS/ATM) based on a lightweight and highly flexible open system architecture design enabling a seamless integration with BETA's flight control, propulsion, and battery management systems. Garmin's flexible architecture and agile development process enables BETA to leverage the latest in flight deck technologies while seamlessly integrating BETA's innovative fly-by-wire system and human machine interface designs for electric propulsion and novel operations in an eVTOL aircraft. "Garmin is widely recognized as the leader in avionics, we're excited to be able to bring this familiar and time-tested experience to our customers. It's gratifying to have the support of this legacy aerospace company as we look to bring our electric aircraft to market. They've been a true strategic collaborator as we work together to develop the next era of sustainable aviation," said Kyle Clark, BETA founder and CEO. Garmin International Inc. is a subsidiary of Garmin Ltd. which is incorporated in Switzerland. Its principal subsidiaries are in the United States, Taiwan, and the United Kingdom. Garmin and G3000 are registered trademarks of Garmin Ltd. or its subsidiaries.

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Aviation Technology

Allegiant secures financing for airbus a320 ceo and boeing 737 max aircraft

PR Newswire | October 05, 2023

Allegiant Travel Company announced financing commitments for seven Airbus A320 and four Boeing 737 MAX aircraft from BNP Paribas, Europe's leading bank, and Jackson Square Aviation (JSA), a leading global commercial aircraft lessor. The innovative $412M deal combines banking and lessor capital to secure Allegiant's aircraft financing needs into the second quarter 2024, while providing the airline with healthy liquidity at an attractive cost in today's market. "We are delighted with BNP Paribas and Jackson Square's creativity in providing what we believe is an efficient framework that affords us robust liquidity to support foundational investments in our fleet. This transaction taps into young A320 CEO aircraft and will also serve as the inaugural financing for our Boeing 737 MAX equipment," said Robert Neal, Allegiant's senior vice president and chief financial officer. Allegiant has drawn down $196 million on September 29, and the remainder will be drawn commensurate with its initial 737 MAX deliveries. "Our relationship with BNP Paribas, spanning more than a decade, has been instrumental in our growth as an ultra-low-cost leader. We are thrilled to welcome Jackson Square Aviation as a new partner as we make air travel more affordable and accessible to leisure travelers," added Neal. "We are delighted to provide Allegiant, a long-standing client of the bank, an innovative and first-of-its-kind financing solution which combines bank and lessor capital into one transaction. This transaction allows the airline to maximize value while having more structural flexibility to manage its aircraft fleet versus the more traditional aircraft financing alternatives," said Ankush Chowdhury, managing director & head of transportation banking and capital markets at BNP Paribas. "BNP Paribas is honored to partner with Jackson Square Aviation as we continue to innovate in the world of aviation finance with the goal of providing efficient and thoughtful financing solutions to our aviation clients," added Chowdhury. "It's a great pleasure to have Allegiant as a new airline customer for Jackson Square Aviation and we're pleased to be working together with a long-standing banking partner, BNP Paribas," said Chris Dailey, president & chief commercial officer of JSA. "Combining the strengths of JSA and BNP Paribas, we're able to provide an efficient financing solution for Allegiant's fleet of in-service Airbus A320s and next generation Boeing 737-8-200s, which we're also excited to introduce as a first into our portfolio," said Dailey. Allegiant currently operates an all-Airbus fleet comprised of 127 Airbus A319s and A320s. Allegiant has agreed to purchase up to 130 Boeing 737-7 and 737-8-200 models in a multi-year deal, Boeing's first with an ultra-low-cost carrier in the United States. The new 737 MAX additions will afford the airline flexibility, environmental benefits, and new customer features. AboutAllegiant – Together We Fly Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic roundtrip ticket.

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