Acquisition Drives Additional Value as Opportunities Increase
Raven Industries, Inc. (the Company; NASDAQ:RAVN) announced today that Raven Aerostar, the world leader in high altitude lighter-than-air technology, has acquired intellectual property (IP) and patents from Loon, LLC (formerly known as Project Loon), a subsidiary of Alphabet Inc. and the developer of an autonomous constellation of high-altitude balloons for communications. In January, Alphabet announced the wind down of Loon. The 176 assets acquired by Raven are directly related to stratospheric balloon technology, including balloon navigation, launching operations and balloon manufacturing.
Raven Aerostar continues to deliver key capabilities, including remote sensing, long-range communications and scientific research.
“For the past nine years, Raven partnered with Loon on the development of this unique technology. Loon launched and navigated thousands of balloon platforms to help serve its mission. In parallel, we leveraged the Loon partnership and our 60 year history of balloon expertise to design and build our Thunderhead stratospheric platform,” said Jim Nelson, Division Manager of Raven Aerostar. “Having the technology under one house is exceptionally valuable, especially as demand for our solutions continue to increase.”
The acquisition of the assets was completed on May 4, 2021.
About Raven Industries, Inc.
Raven Industries (NASDAQ: RAVN) provides innovative, high-value products and systems that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and aerospace and defense solutions, and the company’s groundbreaking work in autonomous systems is unlocking new possibilities in areas like farming, national defense, and scientific research. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, and unmatched service. For more information, visit https://ravenind.com.
About Raven Aerostar
Raven Aerostar consists of wholly-owned subsidiaries Aerostar International, Inc. and Aerostar Technical Solutions, Inc. Raven Aerostar is dedicated to connecting and protecting lives through its Aerospace & Defense technology, including stratospheric platforms, radar systems, tethered aerostats, and protective wear garments. From engineering services, design, and development to highly-technical products and support, Raven Aerostar offers tailored turnkey solutions for a multitude of missions. Visit http://ravenaerostar.com for more information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210930005906/en/
Contacts
Lisa McElrath, Corporate Communications Manager
Raven Industries
+1 (605) 336-2750
lisa.mcelrath@ravenind.com
