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Redwire wins DARPA contract for VLEO satellite
JACKSONVILLE, Fla. – Redwire Corporation (NYSE:RDW), a space infrastructure provider, has been selected as the prime mission integrator by the Defense Advanced Research Projects Agency (DARPA) for a pioneering satellite project. The company will utilize its SabreSat VLEO spacecraft design to demonstrate novel electric propulsion systems in very low-Earth orbit (VLEO).
The project, known as the Otter program, aims to exploit the strategic advantages of VLEO for national security missions. VLEO satellites operate closer to the Earth than those in low-Earth or geosynchronous orbits, providing quicker deorbit times for debris and reducing the risk of impairment from crowded space traffic.
Redwire’s Senior Vice President, Spence Wise, highlighted the company’s commitment to advancing VLEO technology and supporting national security through the Otter program. The SabreSat platform is designed to be modular and flexible, catering to various mission applications including intelligence, surveillance, reconnaissance, communications, navigation, and Earth science.
The company will build the SabreSat bus and lead the critical technology development for the mission. Redwire is employing proprietary digital engineering tools tailored for VLEO’s unique environment, such as the Digitally Engineered Mission Systems & Integration (DEMSI) platform, which models atmospheric drag and material degradation.
In Europe, Redwire is also working on the Phantom European VLEO Platform for the European Space Agency’s Skimsat program, in collaboration with Thales Alenia Space UK. This initiative aims to enhance Earth observation capabilities while reducing costs.
The Otter program stands as part of Redwire’s broader efforts to transform VLEO from concept to reality, positioning the company at the forefront of VLEO technology development. This news is based on a press release statement from Redwire Corporation.
In other recent news, Redwire Corporation has been making significant strides in the space industry. The company recently reported a 52.4% increase in revenue for the first quarter of 2024, reaching $87.8 million, despite a net loss of $8.1 million. Redwire also affirmed its full-year revenue guidance of $300 million, suggesting a 23% year-over-year growth rate.
On the project front, Redwire secured contracts from the European Space Agency and NASA’s Jet Propulsion Laboratory. The former is for the development of a robotic arm prototype for the Argonaut Lunar Lander, while the latter is for a feasibility study of a commercially-led Mars spacecraft. Both contracts underscore Redwire’s significant role in space exploration and infrastructure development.
In addition to these achievements, Redwire announced the development of Phantom, a new Very Low Earth Orbit spacecraft platform. This initiative is set to support various missions including intelligence, Earth science, and communications.
InvestingPro Insights
As Redwire Corporation (NYSE:RDW) secures its role in the Otter program, the company’s financial outlook appears to be aligning with its technological advancements. Analysts are optimistic, expecting net income to grow this year, a sign that Redwire’s strategic initiatives may translate into tangible financial gains. Additionally, sales growth is anticipated in the current year, suggesting that the company’s market position and product offerings are resonating with customers.
With a market capitalization of $394.78 million, Redwire’s valuation reflects its status as a significant player in the space infrastructure sector. This is underscored by a notable revenue growth of 47.87% over the last twelve months as of Q1 2024, indicating robust business performance. Furthermore, the company’s stock has experienced a strong return over the last three months, soaring by 79.7%, which may capture investor interest in the momentum of Redwire’s share price.
Investors considering a stake in Redwire can find additional insights and metrics on the company’s financial health and stock performance, including a comprehensive analysis of its moderate level of debt and projected profitability for the year, by exploring the full suite of InvestingPro Tips. With 11 additional tips available on the InvestingPro platform, investors can deepen their understanding of Redwire’s investment potential. Remember to use coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and expert analysis to inform your investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
(Reuters) -Private equity firm Insight Partners is on the brink of closing a new $10 billion-plus fund, roughly half the amount originally targeted, the Financial Times reported on Sunday, citing five people with knowledge of its plans.
Insight will not formally close its 13th fund until early next year, the report said, adding that the final figure may be closer to $12 billion.
Insight Partners declined to comment on the report.
The report said Insight is using a private equity-style structure to sell more than $1 billion worth of stakes in start-ups and to free up cash to return to investors.
One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23 billion deal with Google parent Alphabet (NASDAQ:) in July, the report said.
New York-based Insight raised $20 billion for its 12th flagship fund in 2022, aiming to ramp up investments in software and technology companies.
JERUSALEM (Reuters) -Prime Minister Benjamin Netanyahu said Israel would inflict a “heavy price” on the Iran-aligned Houthis who control northern Yemen, after they reached central Israel with a missile on Sunday for the first time.
Houthi military spokesman Yahya Sarea said the group struck with a new hypersonic ballistic missile that travelled 2,040 km (1270 miles) in just 11 1/2 minutes.
After initially saying the missile had fallen in an open area, Israel’s military later said it had probably fragmented in the air, and that pieces of interceptors had landed in fields and near a railway station. Nobody was reported hurt.
Air raid sirens had sounded in Tel Aviv and across central Israel moments before the impact at around 6:35 a.m. local time (0335 GMT), sending residents running for shelter. Loud booms were heard.
Reuters saw smoke billowing in an open field in central Israel.
At a weekly cabinet meeting, Netanyahu said the Houthis should have known that Israel would exact a “heavy price” for attacks on Israel.
“Whoever needs a reminder of that is invited to visit the Hodeida port,” Netanyahu said, referring to an Israeli retaliatory air strike against Yemen in July for a Houthi drone that hit Tel Aviv.
The Houthis have fired missiles and drones at Israel repeatedly in what they say is solidarity with the Palestinians, since the Gaza war began with a Hamas attack on Israel in October.
The drone that hit Tel Aviv for the first time in July killed a man and wounded four people. Israeli air strikes in response on Houthi military targets near the port of Hodeidah killed six and wounded 80.
Previously, Houthi missiles have not penetrated deep into Israeli air space, with the only one reported to have hit Israeli territory falling in an open area near the Red Sea port of Eilat in March.
Israel should expect more strikes in the future “as we approach the first anniversary of the Oct. 7 operation, including responding to its aggression on the city of Hodeidah,” Sarea said.
The deputy head of the Houthi’s media office, Nasruddin Amer, said in a post on X on Sunday that the missile had reached Israel after “20 missiles failed to intercept” it, describing it as the “beginning”.
The Israeli military also said that 40 projectiles were fired towards Israel from Lebanon on Sunday and were either intercepted or landed in open areas.
“No injuries were reported,” the military said.
PARIS (Reuters) – Eight people have died trying to cross the Channel from France to England, French authorities said on Sunday, confirming earlier media reports.
This latest incident follows the deaths of 12 people earlier this month when their boat capsized in the Channel on its way to Britain and highlights the pressure on the British and French governments to find ways to tackle the boat crossings.
Jacques Billant, the Prefect of the Pas-de-Calais region, said that rescue crews were alerted that a boat with 59 people onboard was in difficulty in waters off the coast of Ambleteuse in the Pas-de-Calais area.
“A new drama took place around one in the morning and we deplore the death of eight people,” he told a news conference, adding that the other 51 onboard were now in the care of rescue and medical crews.
The dead were men from Eritrea, Sudan, Syria, Egypt, Iran and Afghanistan, he added.
The Channel is one of the world’s busiest shipping lanes and currents are strong, which makes crossing on small boats dangerous.
The latest incident brings to 46 the number of people who have died trying to cross the Channel from France since the start of the year, Billant said.
On September 14 alone there were eight attempts to cross the Channel from France and some 200 migrants were rescued, he said.
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