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Mynaric Signs Memorandum of Understanding (MoU) to Accelerate Entrance to Indian Aerospace Market

DGAP-News: Mynaric AG / Key word(s): Letter of Intent Mynaric Signs Memorandum of Understanding (MoU) to Accelerate Entrance to Indian Aerospace Market 23.07.2021 / 11:32 The issuer is solely responsible for the content of this announcement.

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MUNICH, (July 26, 2021) - Mynaric today announced that it has signed a Memorandum of Understanding (MoU) with JR Aerospace to accelerate its entry into the Indian aerospace market. JR Aerospace is a newly established Indian investment and technology company with an existing network in the Indian aerospace sector and with relevant organizations. The MoU sets out the principal terms and conditions upon which Mynaric and JR Aerospace will enter into detailed legally binding agreements intended to be signed subsequent to the MoU. At the core of the MoU is a contemplated distribution partnership between the companies. The partnership will see Mynaric acting as the exclusive laser communication vendor for JR Aerospace that, in turn, will explore business opportunities with commercial buyers with links to India as well as with various organizations of the Indian government, and beyond. The partnership will also shine light on the technological, programmatic and regulatory requirements for the sale of laser communication products in the Indian aerospace market. It will further explore possibilities to optimize Mynaric's international supply chain; both to support its increasing serial-production of laser communication products and to also serve the domestic Indian market more efficiently. Today's announcement comes shortly after India's Department of Telecommunications secretary, Anshu Prakash, held discussions with a range of international satellite operators on a holistic roadmap to establish local manufacturing capabilities and an enabling regulatory environment for low Earth orbit (LEO) satellite constellations. "India has a huge domestic need for consumer grade broadband provided from satellite constellations and an uprising aerospace sector to provide technological capabilities for commercial and governmental actors. That combined with excellent foreign relations enable Indian corporations to not only provide services for domestic users but also serve other markets in the wider region. We are pleased to be making a step closer to the economic powerhouse that is India and look forward to the business that will result from this partnership," said Bulent Altan, Chief Executive Officer, Mynaric.