Big Idea:

Terran Orbital’s $15 million contract for hardware and integration services to support U.S. Space Force experiments enhance the capabilities of national security satellites and defense capabilities.

Why It Matters:

This partnership exemplifies how emergent technologies can bolster the U.S. defense infrastructure, ensuring a competitive edge in space. It underscores the vital role of innovation in national security and the increasing reliance on small satellites for versatile, cost-effective solutions in space exploration and defense.

Background:

The contract was facilitated by Axient Corp, acting on behalf of the Air Force Research Laboratory (AFRL), to manage small-satellite military experiments following their own contract win in September 2023.

The Intrigue:

This announcement comes on the heels of Lockheed Martin’s proposal to acquire Terran Orbital a few days earlier. Lockheed Martin already owns a significant stake - over $500 million - in the company.

Key Details:

• Under the agreement, Terran Orbital will provide two Ambassador-class satellite platforms along with support equipment and integration services for U.S. Space Force missions.
• The contract involves supplying Ambassador-class satellite platforms and supporting equipment, integrated with ESPA Grande for rideshare missions—highlighting advances in payload capacity and satellite integration.
• Enhances the U.S. Space Force's capabilities for national security missions, potentially transforming satellite deployment strategies and industry standards for small satellites.

"Terran Orbital's partnership with the U.S. Space Force signifies a pivotal moment in our quest for superior space capabilities, ensuring our readiness and strategic advantage in an increasingly contested domain," remarked Marc Bell, CEO of Terran Orbital.

What's Next:

Delivery of the Ambassador platforms is expected within 12 months, aligning with the technologies used for the Space Development Agency’s Tranche 1 Transport Layer satellites. The successful deployment and operation of these satellites could lead to further contracts and solidify Terran Orbital's position as a key player in defense and commercial space missions. 

Big Idea:

Frontier Lithium and Mitsubishi have formed a joint venture for the PAK Lithium Project in Ontario. This partnership aims to develop the region's first fully integrated lithium mining and processing operation, with Mitsubishi initially acquiring a 7.5% interest for C$25 million, alongside options for further investment.

Why It Matters:

The investment from Mitsubishi will be used to initiate Ontario’s first fully integrated lithium mining and processing operation. Both companies will seek additional financing to bring the PAK project into production.

Zoom In: 

The collaboration underscores the PAK Lithium Project's critical role in strengthening the North American EV battery materials supply chain. It aligns with broader efforts, such as the Canada-Japan memorandum of cooperation, to ensure a sustainable and reliable global battery supply chain, highlighting the project's strategic importance.

State of Play: 

Mitsubishi's involvement is seen as a vote of confidence in Frontier Lithium's operational capabilities and the PAK project's potential. This partnership is expected to de-risk Frontier Lithium stock for retail investors, illustrating the project's strategic importance in supplying lithium to North American EV battery manufacturers.

Flashback:

The PAK project, first drilled in 2013, is recognized for its high-grade lithium deposits, boasting a US$1.74 billion net present value. It holds the title for the highest-grade mineral resource in North America, with significant lithium oxide (Li2O) concentrations in its measured, indicated, and inferred reserves.

Key Details:

• Mitsubishi invests C$25m for a 7.5% stake in Frontier Lithium’s PAK project, with options to increase to 25% post-feasibility study.
• The joint venture aims to develop Ontario’s first fully integrated lithium mining and processing operation, leveraging the high-grade PAK lithium project.
• Expected to catalyze investments across the lithium supply chain, from mining to battery production, enhancing the North American EV market's competitiveness.

Trevor Walker, CEO of Frontier Lithium, stated, "This partnership with Mitsubishi is a significant milestone for Frontier Lithium and a vote of confidence in our vision to become a key lithium supplier to the North American EV battery materials supply chain."

What's Next:

The definitive feasibility study (DFS) completion in 2025 will be a critical next step, determining the project's full scale and investment requirements for production commencement.

Bottom Line:

This partnership is pivotal for the global lithium market and the North American EV industry, meeting the increasing demand for battery materials. It promises long-term value creation and economic benefits for various stakeholders, including shareholders, communities, and governments, emphasizing sustainable mineral resource development.

The Big Idea: 

Avail, a modular blockchain initiative that originated from Polygon, successfully raised $27 million in a seed funding round. The round was co-led by Peter Thiel's Founders Fund and Dragonfly, with additional investments from SevenX Ventures, Figment Capital, Nomad Capital, and some unidentified angel investors.

How It Works:

The funding will be directed towards the development of Avail's three core products: the data availability solution (DA), Nexus (a verification hub for unifying rollups), and Fusion (enhancing security through asset integration from other ecosystems), collectively known as the “Trinity.” These products are designed to support and enhance the functionality of blockchain networks by providing essential services such as data availability and security.

Why It Matters: 

As blockchain adoption grows, scalability and interoperability challenges have hindered progress. Avail DA, the project's initial core component, is set to launch in early Q2 2024. It aims to offer space for data from "layer-2 networks" or "rollups," facilitating faster and more cost-effective transactions on base blockchains like Ethereum. This development highlights the growing interest in creating a more modular blockchain system architecture where transaction execution and data processing are handled separately.

Key Details:

• Avail introduces a modular blockchain design, focusing on data availability, rollup coordination, and security enhancements to support scalability.
• This funding and technology development could significantly reduce blockchain congestion and energy consumption, making blockchain more accessible and sustainable.
• The trend towards modular blockchain designs has gained traction, with Avail and other projects like Celestia and EigenDA exploring data availability solutions. These innovations are critical for the evolution of blockchain architecture, allowing for increased scalability and efficiency.

"Avail's approach to modular blockchain architecture marks a significant leap forward in our quest for a scalable, secure, and interconnected blockchain ecosystem," says Anurag Arjun, co-founder of Avail.

What's Next: 

Without disclosing specifics due to ongoing fundraising efforts, Avail's co-founder Anurag Arjun mentioned the company's valuation is in the several hundred million dollars range, based on a simple agreement for future tokens. Avail is also in the process of raising another funding round.

Flashback:

Avail began within Polygon in late 2020, supported by Polygon's treasury until March 2023. It has since become an independent entity and is gearing up for its mainnet launch with external funding.

Zoom Out: 

The funding of Avail contributes to the over $99 billion capital invested in crypto startups across more than 4,900 funding rounds, demonstrating the growing financial support for the blockchain and cryptocurrency sector.