Mynaric withdraws from China to serve security interests of its core markets
DGAP-News: Mynaric AG
/ Key word(s): Legal Matter/Strategic Company Decision
Munich, July 31, 2020 – Mynaric announced yesterday that, with immediate effect, it is to cease its business activities in China.
Mynaric, having not delivered any laser communication hardware to China to date, will start at once to extricate itself from ongoing, but as yet uncompleted, transactions with customers in China. Having realized the strategic importance of laser communication Mynaric was already well into a monetized divestment plan from the Chinese market through a buy-out which has now stopped.
Yesterday’s announcement comes as a consequence of a notification by the German government that clearly prohibits Mynaric from delivering laser communication hardware to China. Mynaric had proactively requested official clearance of a planned export of laser communication products to a Chinese customer. This rare intervention to protect foreign relations proves the geo-political importance of laser communication and the strategic importance of Mynaric’s products. Mynaric has received high interest from numerous international actors who have placed a strong emphasis on the key role that laser communication will play in the next generation of ultra-secure communication networks. Consequently, Mynaric acknowledges this strategic importance and has acted responsibly by committing to put the interests of national security of its core markets above all other considerations.
“We have always anticipated that laser communication will be eventually recognized as one of the key technologies underpinning strategic national interests. Evidence of late has shown overwhelmingly that this is now the case. Laser communication products will play a key role within the most critical communication chains of infrastructure projects that are of national interest. Mynaric aims to take the lead when it comes to supplying such infrastructure.” – Bulent Altan, CEO
Mynaric considers its clear commitment to national interests of its core markets as critical to its business success. This commitment is even more important now, considering pending governmental opportunities in the US – a market that is currently gaining significant momentum. One example is the US Space Development Agency (SDA) which is currently evaluating proposals for their “Transport Layer Tranche 0” – an ultra-secure LEO constellation providing backbone to a planned US Government communication network in space and to which Mynaric issued bids to multiple satellite primes in May. Awards to the satellite primes are scheduled to be issued in mid-August after which Mynaric expects to be in close talks with the winners based on the proposals given to them. The company expects to hear if and how much it will contribute to the SDA’s initial contract awards shortly after.
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|End of News||DGAP News Service|
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