Unlocking Space Innovation

New contract, raised contract ceiling enable BMNT Inc.'s growth in space sector

PALO ALTO, Calif., Jan. 16, 2024 /PRNewswire/ -- With the award of a new contract to support SpaceWERX, BMNT ? the company transforming government innovation ? continues to grow its space entrepreneurship practice to address the challenges of today and tomorrow. The new contract coincides with an increase in the available contract ceiling on BMNT's Broad Purchase Agreement with AFWERX to accommodate more support. The contract ceiling is now $9 million, up from $1.9 million.

SpaceWERX is the innovation arm of the U.S. Space Force and a key part of AFWERX, the innovation arm of the U.S. Air Force.

Building on work with NASA and Aerospace Corporation, BMNT will continue to support the SpaceWERX Orbital Prime Cohort Development Program (CDP), and build and mature the commercial market for On-orbit Servicing, Assembly, and Manufacturing (OSAM), including stimulating critical private investment in the space logistics market.

BMNT's space practice ? led by its H4XLabs business unit ? is intended to use commercial innovation to solve government needs, particularly in fast-moving startup ecosystems previously overlooked by government agencies.

BMNT's entrepreneurial engagement service already helps NASA build and support a community that reliably delivers relevant products and services by directly engaging inventors, entrepreneurs and investors, including those that don't realize their Earth-focused research and inventions can contribute to space missions. BMNT also helps Aerospace Corporation, the only federally funded research and development center for the space enterprise, work with the startup ecosystem to solve a wide range of government problems and accelerate the adoption of innovative solutions.

The SpaceWERX Orbital Prime CDP engages with the broader space manufacturing community to ensure that what the government needs to buy is available on the commercial market when they need to buy it.

"BMNT maintains key partnerships with government agencies and commercial companies to prepare both sides to work closely together in real ways," says BMNT VP Ellen Chang, head of H4XLabs. "The CDP provides programming to educate companies and help them network with government buyers and private investors. Our aim is to provide SpaceWERX with a portfolio view of how the cohort is doing and what risks are involved like fundraising, product development, supply chain, and more."

Orbital Prime launched in 2021. According to Gabe Mounce, deputy director of SpaceWERX, the entire project could be worth $100 million.

Media contact: Terri S. Vanech, BMNT Communications Manager, [email protected] or 203-918-1270.

SOURCE BMNT