Key Highlights
- USPACE Technology Group Limited has signed a mutually beneficial strategic partnership agreement with the Egyptian Space Agency (EgSA). This collaboration will span various areas, including focusing on both parties’ technological capabilities and market presence.
- USPACE Technology Group Limited is fully committed to pursuing a dual listing in the Middle East to enhance its market presence and fundraising capabilities and solidify its regional aerospace market leadership.
- The USPACE Technology Group Limited and EgSA’s Strategic Partnership Agreement is valid for five years commencing on the date of the agreement.
- The non-binding agreement details a collaboration to develop a 6U-sized cube satellite for Egypt. Manufacturing will be carried out in Hong Kong, and testing will be conducted in Egypt.
The Board of Directors of the USPACE Technology Group Limited announced that, on 23 May 2024, the Group signed a non-legally binding strategic partnership agreement with various entities, including the Egyptian Space Agency. This agreement fosters strategic collaboration with EgSA in areas such as satellite manufacturing and testing, satellite launch operations, and educational and training endeavours within the space sector. Furthermore, pending the formalisation of the agreement(s), the cooperation between the parties will encompass various areas, including but not limited to:
(a) USPACE Technology Group Limited and EgSA shall work together to develop a 6U-sized cube satellite for Egypt to serve important application fields such as Earth observation in Egypt.
- The development, testing, launching, operation, tracking and control (TT&C), data reception, application promotion and other activities of the 6U-sized cube satellite (to be jointly named by USPACE Technology Group Limited and EgSA) will be jointly conducted by the Group and EgSA.
- The manufacturing, integration, final assembly and component testing of the 6U-sized cube satellite shall be completed at the USPACE Technology Group Limited’s Hong Kong satellite manufacturing centre. In contrast, the entire satellite’s thermal vacuum and vibration test shall be conducted at EgSA’s environmental simulation test centre.
- USPACE Technology Group Limited will provide necessary assistance in terms of test technology and on-site guidance for EgSA to conduct thermal vacuum and vibration tests of the 6U-sized cube satellite in Egypt. (iv) The Group’s ground control station in Hong Kong and a new ground control station planned to be built in the Middle East can provide tracking, operation and control services for the 6U-sized cube satellite.
(b) USPACE Technology Group Limited will use its aerospace facilities and technical capabilities in Hong Kong and the Middle East to provide EgSA with technology research and development, training and education services and continue to assist in improving Egypt’s local satellite manufacturing capabilities.
(c) The parties will jointly organise international seminars, expert meetings or forums in areas of common interest.
(d) Any other areas of cooperation as agreed by the parties to the Strategic Partnership Agreement.
For planned projects and activities under the Strategic Partnership Agreement, the parties will enter into formal agreements beforehand, guided by their respective work procedures, priority activities, internal rules, and administrative regulations. These agreements will outline the detailed terms, including the specifics of cooperation and each party’s respective roles and obligations. In addition, the Strategic Partnership Agreement is valid for five years commencing on the date of the Strategic Partnership Agreement. It may be extended for one year upon written consent of the parties.
USPACE Technology Group Limited intends to pursue a dual listing in the Middle East to enhance its market presence and fundraising capabilities, solidifying its regional aerospace market leadership. In addition, the Group anticipates that the Strategic Partnership Agreement will further strengthen its collaboration with other space sector market players.
USPACE Technology Group Limited is of the view that entering into the Strategic Partnership Agreement (i) will further enhance the Group’s technological strength in satellite manufacturing, testing and launching, thereby broadening the Group’s revenue base in the long run; (ii) signifies the continuous expansion of the Group’s market presence globally, especially in the Middle East and Africa regions; and (iii) demonstrates the recognition received by the Group from both the private and public sectors.
The strategic partnership agreement between USPACE Technology Group Limited and the Egyptian Space Agency has significant implications across technological, operational, strategic, market, educational, and collaborative dimensions. By leveraging each other’s strengths and resources, both entities benefit from enhanced capabilities, market expansion, diversified revenue streams, and increased recognition in the global space sector. This collaboration marks a critical step toward advancing space technology and fostering international cooperation.
Source: https://africanews.space/uspace-technology-group-limited-signs-a-non-legally-binding-strategic-partnership-agreement-with-the-egyptian-space-agency/
