Non-regulatory announcement

9 September 2020

Tern Plc ("Tern" or the "Company")

Wyld Networks awarded initial purchase order for satellite IoT deployment

Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), is pleased to provide an update in relation to its wholly-owned portfolio company, Wyld Networks Limited ("Wyld"), and its existing cooperation agreement with one of the largest global satellite operators.

Wyld has received an initial purchase order for £112,600 to develop and deliver a small number of proprietary-designed Low Power Wide Area Network ("LPWAN") IoT modems to be functionally tested with a pre-commercial low earth orbiting ("LEO") satellite.  The Board of Tern (the "Board") believes that, following successful testing, a full deployment of this technology with a LEO satellite constellation could follow.

The Board believes that this is a significant strategic milestone for Wyld.  It underpins Wyld's growing reputation as a technical leader in LPWAN connectivity solutions for the IoT within this rapidly growing market where satellite IoT as a service is anticipated to provide connectivity to underserved areas in agriculture, transportation and industrial verticals. According to ABI Research, new satellite networks will enable 24 Million IoT connections and provide seamless global connectivity by 2024.

Al Sisto, Tern CEO, said: "Wyld's existing partnership with one of the world's largest global satellite businesses and this subsequent initial purchase order provide strong validation of Wyld's technical expertise just 18 months since its business was refocused.  The work to be accomplished under the purchase order is to ensure the functionality of the direct sensor to satellite communications capabilities using Wyld's LPWAN software stack and modem module, which is designed to enable global satellite and IoT device communications. This initial purchase order has the potential to open up a significant and rapidly growing market to Wyld."

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