Satellite and Space Projects Briefing May 2023
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The original request faced objections from various entities, and SpaceX is now offering to abandon plans for 7,518 V-band spectrum satellites in exchange for incorporating V-band frequencies into its new 'Gen-2' designs.
Virgin Orbit secures DiP financing: Virgin Orbit has secured approval for $31.6 million in Debtor in Possession (DiP) financing from the US bankruptcy court, with the funds provided by Virgin Investments. Virgin Orbit filed for Chapter 11 bankruptcy on 4 April, after laying off most of its workforce. The company will use the Chapter 11 process to maximize the value of its business while seeking a buyer.
Astrocast's LEO constellation obtains financing from Thuraya: Thuraya is providing Swiss satellite operator Astrocast a $17.5 million convertible loan, the Emirati company's first investment in a LEO constellation. Astrocast, which operates 18 satellites for IoT connectivity services, had faced financial difficulties after plans to raise money on the stock market failed. Thuraya, a mobile satellite services subsidiary of Yahsat, provides the L-band spectrum that Astrocast uses to connect IoT devices.
Kepler Communications raises $92 M in Series C round: Canadian start-up Kepler Communications secured $92 million in funding to expand its on-orbit data network by launching a constellation of optical communications satellites next year. These satellites will join Kepler's existing 19 radio-frequency satellites and provide real-time data relays at 2.5 Gbps to satellites in low Earth orbit.
UK relies on satellites in new Wireless Infrastructure Strategy: The UK government has announced its Wireless Infrastructure Strategy, which includes delivering nationwide standalone 5G coverage to all populated areas by 2030. As part of the strategy, an £8 million fund will promote satellite connectivity for the most remote 35,000 premises, building upon the success of the Alpha Trial Programme for LEO satellite connectivity. The government will also invest £140 million to establish eight to ten 5G Innovation Regions across the UK, and support leading edge innovation in future telecoms and 6G technologies. For a more in-depth analysis, read our commentary here.
New wave of confidence in European space investments: Europe's space industry is gaining traction based on a string of significant fundraising deals. Exotrail, a France-based space services company, raised $58 million in a Series B funding round led by French investors in early February. Swiss start-up ClearSpace raised $29 million in a Series A round for its orbital debris clean up services. The Exploration Company, a German venture founded to develop reusable orbital vehicles, also secured $44 million in what the company said was a record Series A funding round for Europe's space technology sector.
Orbit Fab raises $28.5M Series A funding: California-based Orbit Fab has raised $28.5 million in a Series A round led by 8090 Industries. The funds will be used to deploy fuel delivery and storage infrastructure in Geostationary Orbit (GEO), Low-Earth Orbit (LEO), and Very Low Earth Orbit (VLEO) for the company's on-orbit refuelling services. The company has at least four fuel shuttle missions set to launch in the next three years, including three defence contracts worth $21 million.
Space-based solar power studies launched by ESA: The European Space Agency (ESA) has launched two studies focussed on space-based solar power (SBSP) stations that would beam energy down to Earth. These studies are part of ESA's broader SOLARIS initiative to investigate SBSP. The studies will investigate a wide range of options to move the energy safely and efficiently down to Earth like radio frequency transmission, lasers, and reflecting sunlight down for collection at solar farms on Earth.