NextNav Granted Department of Transportation Award to Test PNT Services as a Complement and Backup to GPS

RESTON, Va., July 08, 2024 (GLOBE NEWSWIRE) -- NextNav (Nasdaq: NN) ("NextNav" or the "Company"), a leader in next generation positioning, navigation, timing ("PNT") and 3D geolocation, today announced a new award from the U.S. Department of Transportation ("U.S. DOT") to conduct real-world field tests of its 3D PNT technologies to provide PNT information to meet critical infrastructure needs when GPS service is not available and/or degraded due environmental, unintentional, and/or intentional disruptions.

As a part of this project, the U.S. DOT will test NextNav's 3D PNT technology, a terrestrial solution that delivers PNT as a complement and backup to GPS. This award comes from the U.S. DOT Volpe Center and is a part of its Complementary PNT Action Plan. According to the DOT, these awards will "facilitate adoption into systems that depend on secure and reliable PNT services."

In 2021, the U.S. DOT recognized NextNav's technology as the best-performing PNT technology in "all applicable use cases." NextNav's terrestrial PNT technology creates a complete 3D solution for positioning in outdoor, urban, and indoor environments, including highly accurate vertical location. NextNav's solution also includes a timing source that can serve as a backup in the event that GPS is unavailable or degraded.

"As NextNav continues to develop technology solutions to address national security, economic, and public safety needs, we are pleased to engage with the U.S. DOT on the mission-critical work of testing our complementary PNT services," said NextNav CEO Mariam Sorond. "We realize the importance of a terrestrial PNT complement and backup to support our nation's critical infrastructure, and we look forward to working with the U.S. DOT to demonstrate our PNT capabilities."

This new award from the U.S. DOT comes as NextNav is petitioning the FCC to reconfigure the lower 900 MHz spectrum band (902-928 MHz) to optimize its use for a terrestrial complement and backup to GPS as well as additional spectrum for 5G broadband.

About NextNav Inc.

NextNav Inc. (Nasdaq: NN) is a leader in next generation positioning, navigation and timing (PNT), enabling a whole new ecosystem of applications and services that rely upon 3D geolocation and PNT technology. Powered by low-band licensed spectrum, NextNav's positioning and timing technologies deliver accurate, reliable, and resilient 3D PNT solutions for critical infrastructure, GPS resiliency and commercial use cases.

For more information, please visit https://nextnav.com/ or follow NextNav on Twitter or LinkedIn.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to NextNav's future prospects, developments and business strategies. In particular, such forward-looking statements include the achievement of certain FCC-related milestones, the ability to realize the broader spectrum capacity and the advancement of NextNav's terrestrial 3D PNT services, NextNav's position to drive growth in its 3D geolocation business and expansion of its next generation terrestrial 3D PNT technologies, the business plans, objectives, expectations and intentions of NextNav, and NextNav's estimated and future business strategies, competitive position, industry environment, potential growth opportunities, revenue, expenses, and profitability. These statements are based on NextNav's management's current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NextNav's control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to, those included in Part II, Item 1A, "Risk Factors" of the Company's quarterly reports on Form 10-Q, and Part I, Item 1A, "Risk Factors" of the NextNav's Annual Report on Form 10-K for the year ended December 31, 2023, as well as those otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"). You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Source: NN-FIN

Contact:
Gillian Smith
[email protected]

Source: NextNav