(Alliance News) - Civitanavi Systems Spa announced Monday evening that Lockheed Martin has invested USD10 million in PV-Labs, a Canadian company specializing in advanced aerial imaging solutions, to accelerate the development and production of PV-Labs' FAST technology, standing for Fifth- generation Advanced Stabilization Turret.

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.

The 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 between USD70 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 will be able to leverage the FAST system to further consolidate our offerings with high-performance, scalable and cost-effective ISR solutions," commented Andrea Pizzarulli, managing director of Civitanavi Systems.

Civitanavi Systems closed the session flat at EUR6.12 per share.

By Maurizio Carta, Alliance News reporter

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