After announcing a partnership with SpaceX, Filtronic Plc's London trade rose. The deal allows SpaceX to buy up to 10% of Filtronic and a $19.7 million supply module contract, highlighting the UK company's rising prominence in satellite internet technology.
Filtronic has granted SpaceX the option to buy up to 10% of the firm, and a $19.7 million contract to provide modules for SpaceX's Starlink constellations, according to Bloomberg. The purchase order includes E-band SSPA modules, which amplify radio frequency transmissions, suggesting Filtronic may receive more Starlink orders.
SpaceX's involvement should help Filtronic expand and scale manufacturing. Filtronic expects to exceed market expectations in 2024 and 2025 with a growing order book.
Record Share Price Increase
Filtronic, a three-decade-old listed firm, had its share price rise by almost 50%, the biggest ever. The company's Wednesday market value rose 137% in 2024, approaching £110 million ($136 million) due to this spike.
In exchange for satellite internet components, SpaceX will get 5% of Filtronic's ownership. SpaceX will also receive 5% of Filtronic's shares for ordering future product parts, a major milestone for both firms in the satellite technology sector, according to The Telegraph.
Leeds electrical engineering professor David Rhodes founded Filtronic in 1977 to sell military aircraft components. After becoming a major Nokia mobile phone supplier, the business had a market value of over £1.5 billion ($1.8 billion) during the dot-com boom. When the dot-com boom broke, Filtronic plummeted 99%.
Notably, Filtronic owners include former Touchstone Innovations chairman David Newlands. Despite earlier struggles, the firm, headquartered in Yeadon, has recently exceeded market expectations, increasing current and future fiscal year sales.
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Filtronic CEO Richard Gibbs praised the strategic cooperation, underscoring the company's dedication to technical and operational excellence. At the same time, SpaceX's Head of Starlink Engineering Mike Nicolls stressed the partnership's important role in expanding the Starlink high-speed internet service to provide millions.
SpaceX and Filtronic's partnership represents a turning point in satellite technology and their commitment to innovation and growth. The collaboration with SpaceX positioned Filtronic for growth and success in a changing global connectivity environment as it capitalizes on satellite internet solutions.
SpaceX Marks 300th Successful Booster Recovery
Recently, SpaceX marked its 300th rocket recovery and 30th launch from the Space Coast. Last April 23, at 6:17 p.m. Eastern time, a Falcon 9 rocket launched 23 SpaceX Starlink internet satellites from Cape Canaveral Space Force Station's Space Launch Complex 40.
According to Phys.org, the launch was SpaceX's 300th Falcon 9 or Falcon Heavy booster recovery landing and 270th booster reuse. On its eighth flight, the first-stage booster carried Crew-6. After its launch, the rocket landed securely on the droneship.
Since December 2015, the company, founded by Elon Musk and Tom Mueller, has consistently recovered boosters. Since February 2021, SpaceX has had no booster landing failures record.
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