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Lockheed Martin invests in Burlington’s PV Labs to support commercialization of FAST aerial imaging

May 30, 2024  By Helicopters Staff


Lockheed Martin’s new investment in PV Labs focused on its Fifth-generation Advanced Stabilization Turret, FAST. (Image: Lockheed Martin/FAST)

Lockheed Martin is investing US$10 million towards PV Labs, based in Burlington, Ont., which develops turnkey aerial imaging solutions. This is one of Lockheed Martin’s largest investments made under Canada’s Industrial and Technological Benefits (ITB) Policy, in association with the In-Service Support Contract for the CC-130J.

Lockheed says this investment advances the commercialization of PV Lab’s new airborne technology, described as a novel, modular and scalable IP-protected gimbal technology, known as Fifth-generation Advanced Stabilization Turret (FAST) technology. Lockheed explains FAST provides users with superior performance in a range of systems smaller and lighter than existing technology to deliver a new paradigm in size, weight, power and cost (SWaP-C) advantages. The technology is being positioned to address an opportunity in the worldwide airborne electro-optical and infra-red markets.

PV Labs is an established developer of airborne imaging systems used for Intelligence, Surveillance, & Reconnaissance (ISR) applications within various levels of governments and armed forces.

Lockheed made a previous investment in PV Labs in 2019 to elevate the FAST technology from concept to reality by creating the first full prototype of its PV 1520 airborne ISR camera system. Lockheed Martin’s new investment is meant to move the FAST ISR product line to full commercialization.

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Specifically, this investment enables PV Labs to fully develop for manufacturing qualified variants of the first four product sizes in the FAST range for aerospace and defence customers. The products will be sold domestically and internationally by PV Labs from its Canadian base.

The commercialization of the FAST products is expected to result in the hiring of approximately 25 additional full-time engineering roles over the next 12 months, with additional personnel in following years. Expected sales are predicted to deliver annual revenues between $70 million and $100 million, within five years.

“The partnership between Lockheed Martin and PV Labs is a great example of innovative collaborations that advance Canada’s capabilities and expertise in the aerospace and defence sector. Collaborations like these strengthen industries, advance Canadian small and medium‑sized businesses, and secure long-term economic opportunities, all while cementing Canada’s place as an innovative leader in the aerospace and defence industry.”

 

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