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Kaman Announces $10 Million Investment in Near Earth Autonomy to Accelerate Deployment of Autonomous Systems

BLOOMFIELD, Conn.–(BUSINESS WIRE)–Kaman Corporation (NYSE: KAMN) today announced that it has invested $10 million in Near Earth Autonomy, Inc. (“Near Earth”), based in Pittsburgh, Pa., in exchange for a minority stake in Near Earth’s outstanding shares and a seat on its board of directors. Kaman’s investment will allow Near Earth to accelerate its technology to set an industry standard in autonomous solutions for the next generation of aviation. This partnership also builds on Kaman’s core competence in precision parts manufacturing as the preferred manufacturer of near-Earth standalone parts and components.

This investment builds on an already strong working relationship between the two companies. Since 2019, Near Earth has partnered with Kaman on autonomy technology for Kaman’s K-MAX TITAN heavy-lift helicopter, optionally flown for the United States Marine Corps and the KARGO UAV unmanned aerial system, a specially designed autonomous medium transport logistics. vehicle. In the future, Near Earth will provide safe landing, obstacle avoidance, and other autonomous flight technologies such as sense and avoid, navigation in a GPS-free environment, and precision landing. .

“We are excited about this opportunity to accelerate the technology development of autonomous systems,” said Ian Walsh, Chairman, President and CEO. “After several years of collaboration on our K-MAX TITAN and more recently on KARGO UAV, taking our relationship with Near Earth to the next level will help us accelerate this important technology even faster. In an ever changing and growing autonomy market, we are confident that our joint expertise will result in high performing, reliable, affordable and maintainable solutions for military and commercial applications.

“This investment represents a major leap forward for Kaman and Near Earth to enable the next generation of autonomous aerial logistics,” said Sanjiv Singh, CEO of Near Earth. “Kaman has a well-deserved reputation for its robust aircraft specialized in logistics and is a fantastic partner for the development of autonomous freight transport. We are excited about the opportunity to mature the technology for the mainstream use of autonomous aircraft for logistics across the industry.

Risks Associated with Forward-Looking Statements

This release includes “forward-looking statements” relating to the expected value and timing of the investment discussed above. These statements are based on assumptions currently believed to be valid, but involve risks and uncertainties that could cause our actual results to differ from those expressed in the forward-looking statements. Material uncertainties that could cause our actual results to differ from those expressed in forward-looking statements are identified in our reports filed with the SEC, including our quarterly reports on Form 10-Q, our annual reports on Form 10-K and our Current Reports on Form 8-K. The forward-looking statements included in this press release speak only as of the date of this release, and Kaman undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.

About Kaman Corporation

Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman and headquartered in Bloomfield, Connecticut, operates in the aerospace and defense, industrial and medical markets. Kaman produces and markets bearings and proprietary aircraft components; super precision miniature ball bearings; exclusive seals, springs and spring contacts; complex metallic and composite aerostructures for fixed and rotary wing commercial, military and general aviation aircraft; safe and weapon solutions for missile and bomb systems for US and allied armies; subcontracted helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; manufacturing and supporting our K-MAX® heavy-lift helicopter, K-MAX TITAN unmanned helicopter, and KARGO UAV unmanned aerial system, a purpose-built autonomous medium-lift logistics vehicle. More information is available at www.kaman.com.

About Near-Earth Autonomy

Near Earth technology allows aircraft to safely take off, fly and land autonomously, with or without GPS. Their solutions enable air mobility and inspection applications for partners in the commercial and defense sectors. Near Earth bridges the gap between aerospace and robotics with complete systems that improve the efficiency, performance and safety of aircraft ranging from small drones to large helicopters. Their work won the 2018 Howard Hughes Award, which recognizes outstanding improvements in fundamental helicopter technology, and was a 2017 finalist for the Collier Trophy, one of the biggest aviation awards in the world. More information is available at https://www.neearth.aero/.

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