Lockheed Martin [LMT] has made a $4 million investment in Canadian imaging company PV Labs as part of an earlier deal requiring the U.S. defense giant to invest in Canadian technology company’s related to Canada’s earlier purchase of C-130J airlift aircraft.
PV Labs on Wednesday said the investment will help with its development of its fifth-generation Advanced Stabilization Technology and development of a high-resolution electro-optic/infrared sensor system that was demonstrated in May 2019 with Lockheed Martin for a U.S. defense agency. The technology will be flight-tested later this year and is being developed to “provide greater resolution at further standoff range while providing superior image stabilization,” PV Labs said.
“This is an important investment for Lockheed Martin in a Canadian business providing innovative technology for today’s warfighter,” Lorraine Ben, chief executive of Lockheed Martin Canada, said in a statement.
The investment was made under Canada’s Industrial Technological Benefits Investment Framework Policy and follows the Royal Canadian Air Force’s purchase and in-service support of 17 CC-130J Super Hercules aircraft. The aircraft were delivered in 2010.