GomSpace provides an update on opportunity in Indonesia

GomSpace provides an update referencing the announcement on 18 December 2023 regarding the Tender award to GomSpace’ Joint Venture, EPGS Partners Aps, by the Indonesian “Ministry of Marine Affairs & Fisheries”. The company informs, that the Joint Venture, EPGS Partners Aps, has now signed a commercial contract with Indonesia, and at the same time reiterates that the final contract is still contingent upon government-to-government financing.

This press release is an update on the announcement on 18 December 2023, regarding the Tender award to GomSpace’ Joint Venture, EPGS Partners Aps, by the Indonesian “Ministry of Marine Affairs & Fisheries”. No information in this announcement is to be interpreted as a guarantee for a final contract.

The company informs that EPGS Partners Aps, a Joint Venture between GomSpace and its French partner Ellipse Projects SAS, has now signed a commercial contract with the Indonesian “Ministry of Marine Affairs & Fisheries”, with a total contract value of 150 MEUR (approx. 1.6 BSEK). The contract is contingent upon a government-to-government financing agreement and until such time that a financing agreement is in place, the commercial contract is not valid, and it may never come into effect. The signed commercial contract will now allow the Indonesian Government to seek said government-to-government financing.

The time horizon for completion of the financing agreement is indicated to the company to be within Q1 2024, but it cannot guarantee that timeline, and there is a risk that the closing of the financing can take longer. GomSpace is not in control of the process of the financing.

The scope of the contract is to deliver a solution to enable the “Satellite Constellation Mission to Support Monitoring of Marine and Fisheries Resources” program in Indonesia.

GomSpace’ workshare of the program is to deliver 20 satellites and data processing software for Earth Observation, RF Monitoring (Signal Intelligence), and VDES (next generation radio communication for ships, shore stations and satellites) to EPGS Partners Aps as the prime customer contract holder. The direct contract value for GomSpace for the scope outlined is 59 MEUR (approx. 650 MSEK) out of the total contract value of 150 MEUR. The remaining contract value will go to Ellipse Projects and a range of suppliers, including local Indonesia content suppliers.

Carsten Drachmann, CEO at GomSpace comments: “Though the agreement is not yet valid, I would like to convey my deepest appreciation to our valued customer at the Ministry of Marine Affairs & Fisheries for reaching this stage of choosing and relying on GomSpace technology. At GomSpace, we feel privileged to play a role in enhancing the ocean environment and monitoring ship traffic in Indonesia. The solutions chosen are at the core of GomSpace's capabilities and knowledge, and with the support of our robust and experienced partner, Ellipse Projects, I am optimistic that we can successfully execute this project to the satisfaction of all stakeholders.”

The Joint Venture, EPGS Partners, will be the vehicle for handling suppliers, e.g., launch of satellites, building of ground stations, and implementation of data centres in Indonesia. Ellipse Projects will have the overall prime responsibility and management of the company. The project is planned to be completed in 2027, pending the final contract start date.

The company reiterates that no information in this announcement is to be interpreted as a guarantee for a final contract. The company cannot control the final financing agreement and it not cannot either control other circumstances that may affect the completion of the contract as outlined.

About Ellipse Projects SAS
Ellipse Projects is a key player in the financing, design and implementation of large infrastructure projects.

With strong multi-sector expertise in the health, digital and connected buildings, the company provides turnkey projects in emerging countries and also excels in the provision of public services.

Their expertise and their know-how enable the teams of Ellipse Projects to take the responsibility for infrastructure projects, from the structuring of its financing through the conception to the delivery of the project.

The teams of Ellipse Projects act mainly in Africa and in Southeast Asia, and from its head office in France, Ellipse Projects relies on its network of subsidiaries and local branches (London, Brussels, Dakar, Abidjan, Ouagadougou, Accra, Yaoundé, Nairobi, Singapore, Jakarta and Colombo) to manage the projects, the main actors and our local partners with a strong local presence.

For more information, please contact:
Carsten Drachmann (CEO)
Tel: +45 40 63 40 36
E-mail: cdra @ gomspace.com

About GomSpace Group AB
The company’s business operations are mainly conducted through the wholly-owned Danish subsidiary, GomSpace A/S, with operational office in Aalborg, Denmark. GomSpace is a space company with a mission to be engaged in the global market for space systems and services by introducing new products, i.e. components, platforms and systems based on innovation within professional nanosatellites. The company is listed on the Nasdaq First North Premier exchange under the ticker GOMX. FNCA Sweden AB is the Company’s Certified Adviser. For more information, please visit our website on www.gomspace.com.

Miscellaneous
This information is information that GomSpace is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, 15:30 p.m. CET on December 22, 2023.