May 27 (Reuters) – Schaeffler and U.S.-based satellite operator Spire Global have signed a memorandum of understanding to jointly develop space hardware and satellite platforms for European defence, weather and security applications.
The companies intend to build a sovereign European space hardware and mission business before the end of this decade, they said in a joint statement on Wednesday.
Spire, which uses its satellites to provide data, analytics and software products, has the capacity to produce between 300 and 400 satellites per year across facilities in the U.S. and Europe.
The German machine and auto parts manufacturer meanwhile named space and defence among key growth drivers in its 2035 strategy.
“As a motion technology company, Schaeffler is ideally positioned to enter the new space sector,” CEO Klaus Rosenfeld said in the statement.
The partnership is aimed at accelerating Schaeffler’s entry into the space sector while strengthening Spire’s presence in Germany, they said.
(Reporting by Christina Amann, writing by Amir Orusov, editing by Milla Nissi-Prussak)
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