OTTAWA, Ontario May. 30, 2024 – Lockheed Martin (NYSE: LMT) announced today it is investing $10 million U.S. dollars towards PV Labs, a Canadian leader in the design and development of 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.

This investment advances the commercialization of PV Lab’s new airborne technology: a novel, modular and scalable IP-protected gimbal technology, known as Fifth-generation Advanced Stabilization Turret (FAST) technology. 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, and addresses an opportunity in the worldwide airborne electro-optical and infra-red markets.

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

Supported by a previous investment from Lockheed Martin in 2019, PV Labs elevated the FAST technology from concept-to-reality by creating the first full prototype of its PV 1520 airborne ISR camera system. Lockheed Martin’s investment furthers this work by advancing the FAST ISR product line to full commercialization.

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 will deliver strong economic benefits to Canada, resulting 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.

Canada’s ITB Policy contractually requires companies awarded defence procurement contracts to undertake business activity in Canada equal to the value of the contracts they have won. The Policy leverages defence procurements to contribute to jobs, innovation, and economic growth across the country.

“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.”

The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

“Lockheed Martin has always been focused on partnerships which support Canada’s economic stability for years to come. Exemplifying that commitment, this continued collaboration with PV Labs is one of our largest investments made under Canada's ITB Policy. We’re proud to support the development of Canadian-made solutions in aerial imaging, which will address a worldwide need and create 21st Century Security® solutions that keep Canada and its allies ahead of emerging threats.”

Lorraine Ben, Chief Executive, Lockheed Martin Canada

“For over 40-years, PV Labs has delivered industry disrupting solutions in aerial imaging. The commercialization of the FAST product continues this tradition. Through our collaboration with Lockheed Martin, PV Labs is addressing a significant need for high performing Intelligence, Surveillance and Reconnaissance variants. The FAST technology brings our Canadian innovation and expertise to the global stage.”

Mark Chamberlain, CEO and President, PV Labs

About Lockheed Martin Canada

Headquartered in Ottawa, Lockheed Martin Canada is the Canadian unit of Lockheed Martin Corporation, a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security^® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.ca.

About PV Labs

Headquartered in Burlington, Ontario, PV Labs is an established designer and developer of aerial imaging systems used for Intelligence, Surveillance, & Reconnaissance (ISR) applications within various levels of governments and military. For additional information, visit our website.

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Media Contact:

Amanda Hauck, +1 613-797-4334, amanda.hauck@global.lmco.com