Ovzon AB has been informed by the satellite manufacturer Maxar that there will be additional delays in the finalization of the satellite Ovzon 3. To accommodate an updated launch window, Ovzon has also shifted launch provider to SpaceX with liftoff on a Falcon 9 rocket targeted between July and September 2023.
Due to the delays in the production of the Ovzon 3 satellite, the company has been engaged with the current launch provider Arianespace to find a new launch opportunity, which Arianespace ultimately could not accommodate. Accordingly, Ovzon has finalized an agreement with SpaceX to ensure flexibility and the most optimal timing to launch the satellite when it is ready for liftoff. Ovzon 3 will be launched by a flight-proven Falcon 9 rocket later this year from Cape Canaveral, Florida.
The delay of Ovzon 3 is expected to increase the total cost of the satellite project with approximately USD 25 million. The delay will have no effect on Ovzon’s current business commitments. The company has secured access to strategic satellite capacity that ensures ongoing service delivery and future sales of Ovzon’s industry leading SATCOM-as-a-Service. In addition, as set out in a separate press release, Ovzon has secured additional financing.
“While we are clearly disappointed in the continued delays in production of the satellite, we remain perfectly confident with the market demand of Ovzon 3, evidenced by the increasing demand from current and new customers around the world. The underlying capability and technology will be the catalyst for a paradigm shift in mobility, performance, and resiliency in delivering Ovzon’s SATCOM-as-a-Service. We are working relentlessly with Maxar, SpaceX and other stakeholders to finalize the satellite and launch Ovzon 3 into orbit at first available opportunity”, says Per Norén, CEO of Ovzon.
Webcast
Ovzon’s CEO Per Norén and CFO Noora Jayasekara will answer questions at a webcast on February 6, 2023, at 10.00 am CET.
The webcast will be available via the following link:
https://onlinexperiences.com/Launch/QReg/ShowUUID=4FB13E88-D87F-4115-ADB0-02C89FAC4F45
To participate via conference call, please register via the following link and follow the instructions:
https://register.vevent.com/register/BI01396d5bcd6b42338d133b1197f150fb
This information is information that Ovzon AB (publ) is obligated to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out below, at the time stated by Ovzon AB’s (publ) news distributor Cision upon publication of this press release.
For further information, please contact:
Per Norén, CEO, pno@ovzon.com, +1 206 931 7232
Noora Jayasekara, CFO, nja@ovzon.com, +46 70 318 92 97
