MCLEAN, Va., May 24, 2021 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM) today announced that it has made a strategic investment in DDK Positioning (DDK), an Aberdeen, Scotland based provider of enhanced Global Navigation Satellite System (GNSS) accuracy solutions. DDK uses the Iridium® network to provide global precision positioning services that can augment GNSS constellations, including GPS and Galileo, to significantly enhance their accuracy for critical industrial applications. DDK is also developing similar services for other GNSS constellations, such as GLONASS and Beidou. Terms of the investment are not being disclosed.
Standard positioning accuracy through a system like GPS is typically within 10 meters; however, by using the Iridium network, DDK's enhanced GPS accuracy service brings incredibly precise positioning of five centimeters or less. This advanced level of accuracy is ideal for autonomous vehicles like UAVs, precision agriculture applications, offshore infrastructure projects such as windfarm construction, automotive applications like driverless cars, as well as a host of construction, mining, surveying and IoT use cases. Historically, there have been limited geostationary satellite provider options for this type of service, but they suffer from line-of-sight blockage issues and coverage limitations in and around Arctic and Antarctic regions.
Kevin Gaffney, CEO of DDK Positioning, said, "We are delighted to have embarked on this journey with such a strong and well-respected company as Iridium. This partnership is a perfect fit for DDK Positioning, with Iridium's satellite communications network and our GNSS solution, we are in a position to deliver a truly unique service which is robust, resilient and secure." Gaffney continued that, "The investment made by Iridium will also allow us to grow the company even further whilst expanding our service offering globally."
According to a report published by the European Global Navigation Satellite Systems Agency, augmentation services like those offered by DDK will account for $76.5 billion (€65 billion) in global GNSS market revenue by 2029, while the global GNSS downstream market, including services delivered and hardware devices, is estimated to reach $382 billion (€325 billion).
"We are impressed with the team that DDK has put together and see great potential for this technology and how it takes advantage of the Iridium network," said Iridium CEO, Matt Desch. "DDK's enhanced positioning is a unique capability that adds a high-value solution on top of our existing portfolio of custom network services. Solutions from Iridium and DDK partners that are focused on precision agriculture, autonomous systems, maritime and infrastructure projects can now experience incredibly precise GNSS accuracy from anywhere on the planet."
For more information about Iridium IoT solutions visit: https://www.iridium.com/iot
For more information about DDK Positioning visit: https://www.ddkpositioning.com
Iridium Communications Inc.
Iridium® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2019, the company completed a generational upgrade of its satellite network and launched its new specialty broadband service, Iridium Certus®. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services and partner solutions, visit www.iridium.com.
Forward Looking Statements
Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The Company has based these statements on its current expectations and the information currently available to us. Forward-looking statements in this press release include statements regarding the capabilities and benefits of, and market for, products and services enabled by the Iridium constellation, including DDK's precise positioning solutions. Forward-looking statements can be identified by the words "anticipates," "may," "can," "believes," "expects," "projects," "intends," "likely," "will," "to be" and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding the development and functionality of products and services using the Iridium network, and the company's ability to maintain the health, capacity and content of its satellite constellation, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the "SEC") on February 11, 2021, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium's expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium's underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium's forward-looking statements speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.
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