Back to news

June 11, 2018 | International, Aerospace

LOCKHEED MARTIN ANNOUNCES $100 MILLION VENTURE FUND INCREASE

BETHESDA, Md., June 7, 2018 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) announced the doubling of its venture capital fund to $200 million and recent investments in early-stage companies focused in the areas of autonomy and advanced manufacturing.

"Our focus is on finding and investing in companies developing cutting-edge technologies that will grow our business and disrupt our industry," said Chris Moran, vice president and general manager of Lockheed Martin Ventures. "We're developing long-term strategic partnerships with companies and helping them navigate through the early stages of product development while leveraging our decades of experience working with government customers."

Enabled by tax reform legislation, Lockheed Martin Ventures is focusing the additional $100 million on early-stage companies in the areas of sensor technologies, autonomy, artificial intelligence and cyber.

With the fund's latest investment, Lockheed Martin expanded its relationship with nTopology, creator of ELEMENT, an emerging software technology in the high-growth additive and advanced manufacturing sectors.

"Our investment in nTopology will bring strategic advantages in Lockheed Martin's computational design processes and help shorten the periods between the design and manufacturing phase," said Moran.

The increase in the venture fund is part of $460 million that Lockheed Martin is investing as a direct result of tax reform savings. The tax reform legislation enables Lockheed Martin to make investments that improve its global competitiveness, including investing in transformative technologies that will bring lasting benefits to customers, employees and communities.

The company is making additional investments enabled by tax reform savings, including:

  • $200 million additional investments in capital expenditures and research and development in 2018
  • $100 million in employee training and educational opportunities over the next five years
  • $50 million investment in science, technology, engineering and math (STEM) education enrichment, including the establishment of a new Lockheed Martin STEM Scholarship Fund
  • $10 million for the launch of the Lockheed Martin Innovation Prize competition

More details of Lockheed Martin's investments enabled by tax reform legislation can be found here.

About Lockheed Martin

Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 100,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

SOURCE Lockheed Martin

https://news.lockheedmartin.com/2018-06-07-Lockheed-Martin-Announces-100-Million-Venture-Fund-Increase

On the same subject

  • SpaceX awarded contract to build US military tracking satellites

    October 8, 2020 | International, C4ISR

    SpaceX awarded contract to build US military tracking satellites

    JORDAN WILLIAMS Elon Musk's SpaceX is one of two companies to be awarded a $149 million contract from the Space Development Agency to develop missile-tracking satellites for the U.S. SpaceX and defense contractor L3 Harris were chosen to build the satellites as part of the National Defense Space Architecture's Trache 0, which will include 20 transport layer satellites and 8 tracking satellites. L3 Harris received $193 million from the agency to build its satellites. The companies will build four overhead persistent infrared imaging (OPIR) satellites of their own design that must be able to track missiles and communicate directly with transport layer satellites. Those satellites are currently being developed by Lockheed Martin and York Space Systems under separate contracts. SpaceX will be developing its satellites around an infrared sensor with a wide field of view, Space Development Agency Director Derek Tournear told SpaceNews. The company plans to build the satellite based on its Starlink satellite, but will have the OIPR sensor come from another supplier. The satellites should be ready by the end of fiscal 2022. SpaceX on Tuesday launched 60 new Starlink satellites at the Kennedy Space Center in Florida. https://thehill.com/policy/defense/519964-spacex-awarded-contract-to-build-us-military-tracking-satellites

  • Navy Awards L3Harris $104 Million Contract for F/A-18 EW System

    September 16, 2020 | International, Naval

    Navy Awards L3Harris $104 Million Contract for F/A-18 EW System

    Seapower Staff MELBOURNE, Fla.—The U.S. Navy has awarded L3Harris Technologies a $104 million follow-on contract to supply the next production lot of the electronic warfare (EW) system that protects F/A-18 Hornet and Super Hornet aircraft against electronic threats. The announcement was made on Sept. 10 in conjunction with vHook'20 being held virtually, September 10-12. L3Harris will manufacture and deliver Integrated Defensive Electronic Countermeasures (IDECM) jammer systems for the F/A-18C/D/E/F variants, with deliveries under the new contract expected to be completed by May 2024. The L3Harris ALQ-214A(V)4/5 is the key Onboard Jammer for the IDECM program, protecting the aircraft from electronic threats, including sophisticated integrated air defense systems. The company has received more than $2 billion in awards to date from the Naval Air Systems Command for AN/ALQ-214 development and production. “Our commitment to continually modernize F/A-18 EW systems has helped to keep naval aviators ahead of emerging threats and out of harm's way for more than two decades,” said Ed Zoiss, President, L3Harris Space and Airborne Systems. “This longterm collaboration with the Navy and continued development of advanced EW technology uniquely positions L3Harris to provide the jammer solution for the F/A-18 throughout the service-life of the aircraft.” L3Harris has delivered EW solutions for a wide variety of airborne platforms for more than 60 years, including strategic bombers, tactical fighters and rotary aircraft. L3Harris' Space and Airborne Systems segment provides space payloads, sensors and full-mission solutions; classified intelligence and cyber defense; avionics; and electronic warfare solutions. https://seapowermagazine.org/navy-awards-l3harris-104-million-contract-for-f-a-18-ew-system/

  • US Army triggers design competition for future attack reconnaissance helicopter

    October 4, 2018 | International, Aerospace

    US Army triggers design competition for future attack reconnaissance helicopter

    By: Jen Judson WASHINGTON — The U.S. Army has kicked off a major design competition for its Future Attack Reconnaissance Aircraft by releasing a request to industry on Oct. 3 to submit plans that could lead to a chance to build flyable prototypes in just a few years. The service, in June, released a draft solicitation that outlined its intention to get two different helicopter prototypes flying in 2023. The effort is part of the Army's larger move to procure a family of Future Vertical Lift, or FVL, aircraft in the early 2030s, if not sooner. The Army has been talking about procuring an FVL family of helicopters for the better part of a decade and has debated whether to prioritize the pursuit of a medium-lift helicopter to replace UH-60 Black Hawks and AH-64 Apache helicopters. Alternatively, the service was considering buying an armed reconnaissance helicopter to fill the gap left by the OH-58 Kiowa Warrior's 2014 retirement. With the advent of the Army Futures Command and its focus on six modernization priorities, of which FVL is third, progress is being made at lightning speed to make FVL a reality. The service, through an FVL Cross-Functional Team, led by Brig. Gen. Wally Rugen, has settled on going after both a long-range assault helicopter and a Future Attack Reconnaissance Aircraftsomewhat back-to-back. But the FARA procurement plans are fast-paced and lead straight to a winner through a fly-off competition, which deviates from the way the Army has gone about its future medium-lift helicopter development. While the Army collected designs, reviewed them and selected two teams to build prototypes to fly in a Joint Multi-Role technology demonstration for a medium-lift aircraft, the results will simply inform requirements for the Army to move into a program of record where the service will make a determination on how it will compete, build and procure a long-range assault variant of FVL. With the FARA competition, the Army plans to award four to six initial design contracts in June of 2019, and then nine months later — to avoid camping out in the PowerPoint stage — the service will choose up to two designs to move forward in fiscal 2021 with a fly-off planned to start in the first quarter of 2023 (November 2022 to be specific, according to the solicitation). The Army will choose a winner and move forward into a milestone appropriate to advance the procurement of the helicopter, whether that is a technology development phase or engineering and manufacturing development or even a production phase, Rugen told a small group of reporters in an Oct. 3 media roundtable. It all depends on where the technology stands following the fly-off and what phase of the acquisition process the Army will enter once it chooses a winner, Dan Bailey, the Army's JMR-TD director, said in the interview. “The Army currently lacks the ability to conduct armed reconnaissance, light attack, and security with improved stand-off and lethal and non-lethal capabilities with a platform sized to hide in radar clutter and for the urban canyons and mega cities,” the solicitation states. The helicopter would be the “ ‘knife-fighter' of future Army Aviation capabilities” in a small package with “maximized performance,” it describes. The Army doesn't want to carve out requirements in granite, according to Rugen, and intends to be flexible as technology capability unfolds in the program, but the solicitation does state it wants a 40-foot maximum rotor diameter, and the fuselage should also not exceed 40 feet in width. By staying flexible, the Army hopes to steer clear of some of the mistakes it has made in the past attempting to acquire an armed reconnaissance helicopter. The Army failed three times to procure a new aircraft — the most memorable being the cancellation of the Comanche helicopter program in 2004 after two aircraft were built and $6.9 billion was spent. Rugen said the Army also wants to make sure affordability considerations are driven into the program and the designs from the beginning are a top requirement for industry to consider. The Army also wants the designs to incorporate the Improved Turbine Engine Program, or ITEP,engine that is being competitively developed to replace the engines in Black Hawks and Apaches. The Army is close to choosing a winner from two teams designing engines to move into the engineering and manufacturing development phase of the program within the next few months. The Army plans to spend approximately $15 million per industry participant in the initial design phase. Participants would receive $8.5 million in FY19 and $6.5 million in FY20. The two participants selected to continue into the prototype phase of the program would receive about $735 million each from FY20 to FY23. Rugen and Bailey said industry interest following the release of the draft solicitation in June has been higher than anticipated and included both industry partners that were not expected and all of those that were. Bailey said that, based on industry interest and participation so far, choosing six designs would be a competitive process because there are more than six possible entrants that have expressed interest in submitting designs. Tim Malia, Sikorsky's program director for FVL light development, told Defense News in a recent interview that the Lockheed Martin-owned company planned to use its X2 technology that is used in its S-97 Raider coaxial helicopter program as the centerpiece to its design offering for the FARA competition. The company is already scaling its X2 technology used in Raider up to a medium-lift aircraft — called the SB-1 Defiant that is participating in the JMR technology demonstration and expected to fly by the end of the year. Malia said it would not be difficult to scale the helicopter from the 34-foot main rotor diameter size of the Raider to the desired 40-foot diameter rotor blades envisioned for FARA. The company has also been working on designs to outfit Raider or any aircraft it builds with X2 technology with the ITEP engine. Sikorsky announced Oct. 3 that its Raider aircraft exceeded 200 knots in a flight test at its West Palm Beach, Florida, flight test center. Bell, which has been flying its V-280 Valor til-trotor helicopter as part of the JMR-TD effort for the better part of a year, continues to hold tight its plans for a design to submit to the FARA competition. https://www.defensenews.com/land/2018/10/03/us-army-triggers-design-competition-for-future-attack-reconnaissance-helicopter

All news