MELBOURNE, Fla. - L3Harris Technologies (NYSE:LHX) announced today a strategic investment in Seasats, a privately-owned company involved in the design and production of low-cost, solar-powered maritime autonomous surface vehicles (ASV) for military and commercial use.
L3Harris is making its investment to fuel collaborative development and accelerate production of Seasats' X3 micro-ASV, whose unique design and low-signature waterline makes it difficult to detect by sight and radar. The X3 features stealthy performance and reliable six-month endurance in all weather conditions for a fraction of the price of current small maritime ASVs, and provides a complement to L3Harris' large and medium-sized ASV offerings.
Our U.S. Navy customers are pursuing innovative solutions to reliably and efficiently patrol the waters from the Red Sea into the Persian Gulf and we understand their urgent need for proliferated maritime ASV architectures, said Daniel Gittsovich, Vice President, Corporate Strategy and Development, L3Harris. Our investment and collaboration with Seasats provides a proven, multi-capability solution for global maritime security challenges.
Inexpensive, versatile and ideally suited to host a variety of maritime payloads, the X3 is well positioned to enhance the counter-piracy, mine clearing, intelligence, surveillance and reconnaissance, and electronic warfare solutions L3Harris already provides its customers.
Seasats can also serve commercial clients by pairing platforms and sensors to enable advanced hydrographic surveys, infrastructure monitoring, and scientific discovery. Future collaboration and technology sharing between L3Harris and Seasats has the potential to increase the autonomous capabilities, artificial intelligence and endurance of the X3 while cutting production time up to 75 percent.
The L3Harris team recognized the value in pairing their payloads and sensors with our versatile platform because together they create an operations-ready solution for a wide range of critical military and commercial uses, said Mike Flanigan, CEO of Seasats. Our previous tests and demonstrations with the Navy were enthusiastically received and we are looking forward to making collaborative improvements with L3Harris as we prepare for operational capabilities testing with Task Force 59 in the Arabian Peninsula next year.
The U.S. Navy 5th Fleet commander, Vice Admiral Brad Cooper, recently announced a goal to have at least 100 unmanned surface vessels patrolling the Arabian Peninsula by mid-2023. Earlier this year the Navy invited Seasats to participate in its Digital Horizon 2022 exercise designed to develop maritime domain awareness and accelerate the Navys robotic and artificial intelligence maritime capabilities.
About L3Harris Technologies L3Harris Technologies, an agile global aerospace and defense technology innovator, delivers end-to-end solutions meeting our customers' mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has more than $17 billion in annual revenue and 47,000 employees, with customers in more than 100 countries.
Forward-Looking Statements This press release contains forward-looking statements that reflect managements current expectations, assumptions and estimates of future performance and economic conditions, including the impact of the investment in Seasats. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about technology capabilities and future performance are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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MELBOURNE, Fla. - L3Harris Technologies (NYSE:LHX) announced today a strategic investment in Seasats, a privately-owned company involved in the design and production of low-cost, solar-powered maritime autonomous surface vehicles (ASV) for military and commercial use.
