Space technology developer Kleos Space (ASX: KSS, Frankfurt: KS1) is set to claim a share of the US$692 billion U.S. National Security Budget via the launch of a wholly-owned subsidiary to be based in the United States.
By launching Kleos US, Kleos will gain access to valuable government funding which is restricted to U.S. entities, such as Small Business Innovation Research (SBIR) funding and other grants from federal defence budgets.
Kleos US will be headed by Air Commodore Peter Round (Ret), current Kleos Executive Chairman, until a U.S. citizen is recruited.
Joining Round on the team at Kleos US as a Director will be Karyn Hayes-Ryan who is a former Department of Defence executive.
“A US entity in the world’s largest defence market allows us to work closely with government agencies to improve the US’s international maritime surveillance and reconnaissance capabilities, supporting its defence services both locally and abroad,” said Hayes-Ryan.
“A local enterprise with appropriate security clearance, innovation and technical capability also provides opportunities to collaborate on funded projects with defence entities within the national security framework.”
Operating a network of nano-satellite clusters which orbit the Earth collecting data and is then transmitted down to Kleos servers, Kleos is able to geolocate signals, transmissions and frequencies. This is then sold to Government and Commercial customers via their Data-as-a-Service (Daas) model.
Kleos estimates the Global Maritime Information Market to be worth US$1.4 billion by 2020 with their current suite of DaaS targeting illegal fishing, marine insurance, marine terrorism and security markets.
Upon launch, Kleos US will continue the Company’s existing research and development with the aim of securing SBIR funding of up to US$3 million.
Earlier in the month, Kleos reported significant growth in the South American market with two new pre-orders of nano-satellite clusters, joining an existing one, expected to deliver revenues up to AUD$2.1 million per annum.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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