The MoU allows Fleet to trial SMC as an in-space logistics provider, and the Adelaide-based company has launched six satellites since 2018 and has plans to launch batches of new satellites in 2022.
The deployment test flight is expected to launch at the end of 2022.
Space Machines says the first mission will analyse the suitability of its Orbital Transfer Vehicle, Optimus, to deliver Fleet's satellites in its orbit.
Fleet Space CEO Flavia Tata Nardini says: "Partnering with SMC will give us the option to speed up the build time of our space infrastructure, meaning our low-cost satellite-based communication system for Industrial IoT will be available to our customers sooner."
SMC CEO Rajat Kulshrestha says the MoU is a "testament to the rapid growth of Australia's space industry and an opportunity to work with one of the most innovative companies in the country."