After the movie Gravity was released in 2013, the public gained greater awareness of the dangers of space junk and the potentially catastrophic damage it can cause to satellites and spacecraft. You may be surprised to know that companies around the world are quietly working to minimize the threats posed by space junk proliferation. One such company is Electro Optic Systems PTY Ltd. (EOS), an Australian-based technology company with an eye on the future. Teaming up with US aerospace giant, Lockheed Martin, EOS has developed technology to prevent space junk from damaging satellites as they orbit the earth.
The Danger it Presents
Over 2,000 functioning satellites orbit the earth today, making for a lot of traffic congestion. Though estimates vary, there could be as many as 300,000 different pieces of debris that orbit alongside those satellites, ranging in size from one centimeter to the size of a bowling ball. On average, this debris destroys one satellite a year, which can cause a financial loss in excess of $500 million each. Thanks to an agreement with Lockheed Martin, EOS’s new light-based tracking system can now better monitor this space junk and help ensure that it does not damage any of the critically important satellites orbiting the earth.
Looking Out For Our Clients
As international counsel for EOS, Brian Krantz of Sassoon and Cymrot helped EOS negotiate a strategic cooperation agreement with Lockheed Martin. Brian has worked closely with EOS over many years in relation to the company’s technology and international business, which also includes the design and manufacture of satellite tracking stations, large astronomical telescope systems, and remotely operated military technology. During the few months preceding the announcement of the strategic partnership with Lockheed Martin, working closely with EOS’s CEO, Brian helped to negotiate the form and structure of the business venture, and to document the arrangement. Sassoon & Cymrot is pleased to play a role in this important technology initiative and business venture.
When it comes to making a deal happen, Sassoon & Cymrot goes above and beyond client expectations. If you are involved in an international or technology centered business venture and wish to consult with the best professional advisors to help structure your business and protect your intellectual assets, contact Lewis Sassoon or Brian Krantz of Sassoon & Cymrot for individual guidance and consultation.