(Alliance News) - Civitanavi Systems Spa announced Monday that Lockheed Martin, a leading global security and aerospace company, has invested USD10 million in PV-Labs, a Canadian company specializing in advanced airborne imaging solutions, to accelerate the development and production of PV-Labs' FAST technology.

This is one of the largest investments made by Lockheed Martin under the Canadian Industrial and Technology Benefits Policy, in association with the in-service support contract for the CC-130J; therefore, it is not a capital investment.

Last year, Civitanavi Systems acquired a 30 percent stake in PV-Labs with an option to purchase the remaining 70 percent within five years, recognizing the potential of the company's cutting-edge imaging technologies.

PV-Labs, based in Burlington, Ontario, is active in the design and development of airborne imaging systems used in intelligence, surveillance and reconnaissance applications for governments and the aerospace and defense sectors. Specifically, the investment will enable PV-Labs to fully develop production of the first four product dimensions including FAST technology for aerospace and defense customers globally and will create approximately 25 new full-time engineering roles in the coming year, with additional staff additions expected.

FAST technology, known for its superior performance in smaller and lighter systems, represents a breakthrough in size, weight, power, and cost advantages for the airborne electro-optics and infrared markets. This investment will support the full commercialization of the FAST technology, with sales expected to generate annual revenues of between USD70 million and USD100 million within five years.

"Learning that Lockheed Martin, a benchmark in the industry, has invested in PV-Labs, shows the strategic value of our investment. Investing in technology, has, always, been at the core of Civitanavi's growth strategy and we believe that in the future we can leverage the FAST system to further consolidate our offerings with high-performance, scalable and cost-effective ISR solutions," said Andrea Pizzarulli, CEO of Civitanavi Systems.

Civitanavi Systems' stock closed Monday at par at EUR6.12 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.