Raven Industries Acquires Intellectual Property From Loon
September 30 2021 - 1:26PM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210930005906/en/
Lisa McElrath, Corporate Communications Manager Raven Industries
+1 (605) 336-2750 lisa.mcelrath@ravenind.com
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