OrbitX Joins LOT Network
29 April 2021
Orbital Exploration Technologies (OrbitX), a space tech startup firm, has joined the LOT Network, a multinational group of the world's leading high-tech firms dedicated to defending its participants from expensive lawsuits from patent claim agencies (PAEs, also known as "patent trolls"). OrbitX is the Philippines' first private space company.
LOT Network celebrates Intellectual Property Month in the Philippines and promotes the country's mission to increase awareness and respect for the effect that intellectual property rights have on today's creative businesses, in addition to welcoming OrbitX to its growing culture.
OrbitX, which was established in 2019, is working on a rocket that will be fueled by renewable rocket fuels derived from materials such as plastics and algae. OrbitX's Spaceshot team is working to send Filipinos to space using cutting-edge technologies for long-term energy generation in preparation for potential space exploration.
“It’s important to recognize the contributions that innovative companies make in their countries and equally the importance that patent systems are to protecting those innovators,” said Ken Seddon, CEO of LOT Network. “We’re thrilled that Philippines-based space tech startup OrbitX saw the value in joining our community. Their membership affords them, their stakeholders and their clients, proof that they’re innovations, R&D, and future patents are part of the immunization from over 3 million patent assets in the hands of a PAE offered by our community..”
"It was important to our entire team of researchers, scientists, developers, and everyone at OrbitX to join a protective organization like LOT Network,” said Dexter P. Baño Jr., Founder, Chairman and President of OrbitX. “As a new space tech
player-- and a pioneering one from the Philippines -- we want to set an example for all future deep tech and space tech players that protecting innovation is paramount to the success of any tech startup. With our membership in LOT, we’re honored and privileged to join alongside many of the world’s leading companies like Google and Facebook and our team is now more at ease working on bringing sustainable space exploration to the market with our protections afforded by the LOT agreement."
OrbitX, along with its more than 1,400 partners from 36 nations, has agreed to extend a licence to all other network members if, and only if, any member's patent rights fall into the hands of a PAE, thus protecting them from PAE lawsuits. All other common applications of patents, such as licensing them or using them to sue other firms, are also available to members.
President Duterte of the Philippines signed Proclamation No. 190, s. 2017 on April 4, 2017, proclaiming April to be National Intellectual Property Month. The proclamation was signed with the aim of aligning the country's services and events with other international celebrations, such as World Intellectual Property Day on April 26 and World Book and Copyright Day on April 23, at the time of signing.
Excel V. Dyquiangco
