4iG to Spin off Space Industry, Tech Business
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4iG will set up a separate company, 4iG Space and Technology, to which it will transfer the shares of its space and technology businesses, the listed ICT company said in an announcement on the website of the Budapest Stock Exchange on Wednesday, according to a report by news agency MTI.
4iG Space and Technology will focus on space and satellite development, the manufacturing of drones and anti-drone systems, and defense sector digitalization. Companies that will be transferred to 4iG Space and Technology include Rotors and Cams, RAC Antidrone, Hungaro DigiTel, Spacecom and CarpathiaSat.
4iG also said it would sign a term sheet to acquire 45% of REMRED Technology Development to be transferred to 4iG Space and Technology through a capital raise.
Remred has the largest space engineering capacity among space industry companies in Hungary, 4iG said in a press release. It is a supplier to the European Space Agency (ESA), Nasa and the Japan Aerospace Exploration Agency (Jaxa).
Remred will start setting up a space technology center in Martonvasar, near the capital, in the spring. There it will undertake the production, assembly, integration and testing of complete satellites and space systems.
4iG chairman Gellért Jászai said there was "enormous growth and significant revenue potential" in the space industry and technology developments.
"Satellite development and production, the related communications and Earth observation services, UAV and anti-drone technologies, and defense sector digitalization are the kind of innovative areas that will further strengthen our group's technology capabilities and dovetail with our common goals and strategy with Rheinmetall," he added.
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