Telesat and Hanwha sign strategic cooperation agreement for next-generation space and marine technologies
Rhea-AI Summary
Telesat (TSAT) and Hanwha Systems signed a memorandum of understanding on Jan 26, 2026 to collaborate on next‑generation sovereign LEO satellite connectivity, user terminals compatible with Telesat Lightspeed, and advanced maritime platforms.
The MoU aligns with a Canada–Korea initiative on commercial LEO communications and notes exploration of Korea’s K‑LEO constellation, defense user terminals interoperable with K‑LEO and Lightspeed, and cooperation on the Canadian Patrol Submarine Project where Hanwha plans to include multi‑year Telesat Lightspeed services in its bid.
Positive
- MoU to develop sovereign LEO connectivity for Canada, Korea and allies
- Collaboration on user terminals compatible with Telesat Lightspeed and K‑LEO
- Hanwha intends to include multi‑year Telesat Lightspeed services in its CPSP bid
Negative
- The agreement is a memorandum of understanding and is non‑binding
- No financial terms, contract values, or schedules disclosed
Key Figures
Market Reality Check
Peers on Argus
While TSAT is up 6.16%, key peers like HLIT (-2.38%), DGII (-2.85%), ADTN (-3.34%), NTGR (-1.67%), and GILT (-0.11%) are down, indicating a stock-specific move rather than a sector-wide rally.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 21 | Creditor litigation update | Negative | -21.0% | Creditors challenged Lightspeed equity distribution via lawsuits in New York and Ontario. |
| Dec 09 | Defense partnership | Positive | +12.9% | Strategic partnership with Canada and MDA Space for Arctic military satcom project. |
| Nov 04 | Lightspeed investment | Positive | -10.5% | US$5M equity investment in Farcast to develop Lightspeed user terminals. |
| Nov 04 | Q3 2025 earnings | Negative | -10.5% | Q3 revenue and EBITDA declined sharply with continued net losses and high CapEx. |
| Oct 27 | Earnings call notice | Neutral | -1.4% | Scheduling of Q3 2025 earnings call and replay details for investors. |
TSAT has seen large moves around litigation, partnerships, and financial updates, with most reactions aligning directionally with the news tone but one notable divergence on a positive operational update.
Over the last few months, TSAT’s newsflow has centered on litigation, strategic partnerships, and the Telesat Lightspeed build‑out. A creditor litigation update on 2026-01-21 coincided with a -20.98% move, while a Canadian military partnership on 2025-12-09 saw a +12.88% reaction. Financial results on 2025-11-04 highlighted revenue of $101M for Q3 and ongoing losses, with a -10.53% move. Today’s strategic cooperation with Hanwha fits the pattern of defense‑oriented partnerships tied to Lightspeed.
Market Pulse Summary
This announcement outlines a strategic MoU between Telesat and Hanwha to develop sovereign LEO connectivity and defense-grade user terminals leveraging the Telesat Lightspeed network. It builds on prior government and military partnerships, including Canada’s Arctic satcom project, and highlights potential applications in Korea’s K‑LEO constellation and the Canadian Patrol Submarine Project. Investors may watch for conversion of this cooperation into contracted backlog, progress against 2025 guidance of $405–425M revenue, and any updates to the Lightspeed deployment roadmap.
Key Terms
memorandum of understanding (mou) regulatory
low earth orbit (leo) technical
AI-generated analysis. Not financial advice.
OTTAWA, Ontario, Jan. 26, 2026 (GLOBE NEWSWIRE) -- Telesat (Nasdaq and TSX: TSAT), one of the world’s largest and most innovative satellite operators, and Hanwha Systems Co, Ltd (Hanwha), a leading Korean corporation of the Hanwha Group, today announced the signing of a memorandum of understanding (MoU) to jointly collaborate on next-generation, sovereign satellite connectivity solutions, as well as user terminals that will be compatible with Telesat’s Low Earth Orbit (LEO) network, Telesat Lightspeed.
The MOU follows the signing of a Letter of Intent between the Government of Canada through the Canadian Commercial Corporation (CCC) and the Government of Korea through the Defense Acquisition Program Administration (DAPA) to pursue a structured initiative on next-generation commercial Low earth Orbit (LEO) satellite communications and advanced maritime platforms.
Hanwha and Telesat will explore a range of cooperative programs, notably the Government of Korea’s LEO communications satellite constellation (K-LEO) and defense user terminals that are compatible with K-LEO and Telesat Lightspeed. Additionally, the companies are cooperating on the Canadian Patrol Submarine Project (CPSP), where Hanwha intends to include significant, multi-year Telesat Lightspeed services as a key strategic aspect of its bid in its Industrial and Economic Benefits to Canada Proposal Annex. Hanwha will also look to apply Telesat Lightspeed services to various platforms within its weapon systems as a means of exploring potential business collaboration opportunities throughout the global defense market.
“This collaboration brings together complementary resources and expertise to deliver next‑generation, sovereign LEO communications capabilities for Canada, South Korea, and our allied partners,” stated Dan Goldberg, Telesat’s President and CEO. “The secure, high‑performance Telesat Lightspeed architecture—paired with Hanwha’s advanced systems expertise—positions us to support critical defense missions and national priorities with unmatched reliability.”
“This partnership enhances our ability to deliver secure, sovereign LEO communications for defense and maritime operations,” said Jae-il Son, President and CEO of Hanwha Systems. “By expanding partnerships with trusted global leaders, Hanwha Systems will continue to strengthen its position in the global market and advance its role as a key defense and space technology provider,” he added.
About Telesat
Backed by a legacy of engineering excellence, reliability and industry-leading customer service, Telesat (Nasdaq and TSX: TSAT) is one of the largest and most innovative global satellite operators. Telesat works collaboratively with its customers to deliver critical connectivity solutions that tackle the world’s most complex communications challenges, providing powerful advantages that improve their operations and drive profitable growth.
Continuously innovating to meet the connectivity demands of the future, Telesat Lightspeed, the company’s state-of-the-art Low Earth Orbit (LEO) satellite network, has been optimized to meet the rigorous requirements of telecom, government, maritime and aeronautical customers. Telesat Lightspeed will redefine global satellite connectivity with ubiquitous, affordable, high-capacity, secure and resilient links with fibre-like speeds. For updates on Telesat, follow us on LinkedIn, X, or visit www.telesat.com.
About Hanwha Systems
Hanwha Systems is a leading South Korean defense and ICT company specializing in advanced radar, command and control, satellite, and defense electronics solutions. Leveraging strong systems integration capabilities and cutting-edge technologies, the company supports national security and global defense programs across land, sea, air, cyber, and space domains.
Hanwha Systems is the representative company of the Republic of Korea with world-class companies in various business areas based on avionics and space, security and safety, and information systems service. Furthermore, it is positioned as the representative avionics, defense, and ICT specialty company of the nation as the member company of Hanwha Group possessing 320 or more global business bases.
Hanwha Systems maintain the strong reliability and partnership with numerous customers and is recognized as a global partner. Hanwha Systems provides the various service solutions based on the ICT technology such as advanced sensors and networks. Hanwha Systems manages Defense Division and ICT Division with the customer value being the top priority.
Media Contacts:
W2 Communications for Telesat
telesat@w2comm.com
Claire S. Kim for Hanwha
Manager, The communications Team
Hanwha Systems
soojin16444@hanwha.com
Mobile: +82 10 9108 4219
Telesat Forward-Looking Statements Safe Harbor
This news release contains statements that are not based on historical fact and are “forward-looking statements’’ and “forward looking information” within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. When used herein, statements which are not historical in nature, or which contain the words “will,” “can,” “pursue,” “intends”, “look to”, “potential”, “position” or similar expressions, are forward-looking statements. In addition, Telesat or its representatives have made or may make forward-looking statements, provide forward looking information, orally or in writing, which may be included in, but are not limited to, various filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities, and news releases or oral statements made with the approval of an authorized executive officer of Telesat. All statements made in this news release are made only as of the date set forth at the beginning of this news release. Telesat undertakes no obligation to update the statements made in this news release in the event facts or circumstances subsequently change after the date of this news release.
These forward-looking statements and this forward looking information are not guarantees of future performance, are based on Telesat’s current expectations, and are subject to a number of known and unknown risks, uncertainties assumptions, and other factors, some of which are beyond Telesat’s control, are difficult to predict, and could cause actual results to differ materially from those expressed, forecasted or implied in the forward-looking statements and forward looking information.
Known risks and uncertainties include but are not limited to: the ability of Telesat LEO ULC to enter into definitive, binding agreements with Hanwha on the opportunities discussed herein, risks associated with financial factors, including swings in the global financial markets, access to capital to construct our LEO satellite constellation and refinance our GEO debt, inflation, rising or prolonged elevated interest rates, fluctuations in foreign exchange rates, and tariffs; risks associated with operating satellites and providing satellite services, including satellite construction or launch delays, launch failures, in-orbit failures, impaired satellite performance or dependence on large customers; the ability to deploy successfully an advanced global LEO satellite constellation and the timing of any such deployment; Telesat’s ability to meet the conditions for advance of the loans under the funding agreements for the constellation; technological hurdles, including Telesat’s and Telesat’s contractors’ development and deployment of the new technologies required to complete the constellation in time to meet Telesat’s schedule, or at all; the availability of services and components from Telesat’s and Telesat’s contractors’ supply chains; competition, including with other LEO systems, deployed and yet to be deployed; risks associated with domestic and foreign government regulation, including government restrictions and regulations, access to sufficient orbital spectrum to be able to deliver services effectively and access to sufficient geographic markets in which to sell those services; Telesat’s ability to develop significant commercial and operational capabilities; and the ability to expand Telesat’s existing satellite utilization. The foregoing list of important factors is not exhaustive. Investors should review the other risk factors discussed in Telesat Corporation’s annual report on Form 20-F for the year ended December 31, 2024 that was filed on March 27, 2025 with the SEC and the Canadian securities regulatory authorities at the System for Electronic Document Analysis and Retrieval+ (“SEDAR+”), and may be accessed on the SEC’s website at www.sec.gov and SEDAR+’s website at www.sedarplus.ca.
FAQ
What did Telesat (TSAT) and Hanwha announce on January 26, 2026?
Will Telesat Lightspeed be used in the Canadian Patrol Submarine Project (CPSP)?
Does the MoU between Telesat (TSAT) and Hanwha guarantee contracts or revenue?
How does the partnership relate to Korea’s K‑LEO constellation?
What military or maritime applications are mentioned in the Telesat–Hanwha MoU?
