USPACE Technology Group and EgSA Ink Strategic Partnership Intend to Set Up Aerospace Joint Venture in Cairo, Egypt to Tap the Booming African Space Economy
HONG KONG, Aug. 15, 2024 /PRNewswire/ -- USPACE Technology Group Limited ("USPACE " or "the Group"; Stock Code: 1725.HK) is pleased to announce that the Group has signed the strategic partnership agreement with the Egyptian Space Agency ("EgSA"), in relation to satellite manufacturing and testing, satellite launch, education and training, greatly expanding its business presence in the fast-growing African space market.
USPACE and EgSA also intend to set up a joint venture in Cairo, Egypt, which will be one of the first commercialised aerospace companies in Egypt, marking a significant milestone in the Group's aerospace business development in the Africa region. USPACE and EgSA's collaboration encompasses a wide range of initiatives, including the establishment of centers for satellite manufacturing, payload design and manufacturing, and component and precision manufacturing at the Egyptian Space City in Cairo Egypt. They will also establish an integrated satellite constellation for remote sensing and communication across the African continent, based at the Egyptian Space City, and a globally oriented space laboratory in Cairo. Furthermore, the partnership will establish comprehensive cooperation in space technology, encompassing design, programming, component and subsystem manufacturing, space payload development (electro-optical, radar, and communication), and satellite assembly, integration, and testing.
Established in January 2018, EgSA is headquartered in the Egyptian Space City, which is also the headquarters of the African Space Agency. EgSA is an Egyptian government organization that aims to acquire space technology and satellite launch capabilities to achieve the goals of the national sustainable development strategy "Egypt-SDS2030".
In particular, the cooperation under the Strategic Partnership Agreement will allow USPACE to utilise EgSA's existing aerospace technologies, facilities and infrastructures, including satellite manufacturing plants and facilities at the Egyptian Space City, and to gain access to EgSA's established network with governmental space agencies in the region as the host of the African Space Agency, creating new collaboration opportunities with other market players and governmental agencies and further consolidating its position in the Africa continent.
USPACE's globalization strategy continues to make substantial progress. The Company is gradually building a complete aerospace ecosystem, while innovating and creating core satellite products.
On 25 July 2024, marking the first anniversary of the establishment of the Group's ASPACE Hong Kong Satellite Manufacturing Center, the Group unveiled its disruptively low-priced commercial optical satellites on its official website. These satellites offer resolutions ranging from 5 meters to 0.5 meters and are priced between USD35,000 and USD990,000. Among them, the most notable in the market is the commercial optical satellite with a high resolution of 0.5 meters, priced at only USD990,000. The Group also plans to offer nearly a hundred types of satellite components and application services, including separation seats, multi-satellite dispensers, and 0.5-meter resolution lightweight cameras.
The Group is confident that through this series of satellite products, it can directly participate in the competition of the global commercial aerospace market, rapidly enhance its brand awareness, significantly expand its customer base and further increase its market share.
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About USPACE Technology Group Limited (USPACE)
USPACE Technology Group Limited (USPACE) is headquartered in Dubai, United Arab Emirates and Hong Kong, China. The Company is committed to using outer space technology and application services to promote the sustainable development of the Earth and the progress of human society, aiming to become a leading provider of outer space technology and Earth application services.
The Group focuses on satellite manufacturing as the core of its business development, building an integrated commercial aerospace ecosystem, including satellite component manufacturing, precision electronics manufacturing, satellite data applications, satellite measurement and control, satellite launches, and the operation and management of the Abu Dhabi Space Eco City in the United Arab Emirates.
For further information, please visit https://www.uspace.com/
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