Israel Aerospace Industries (IAI) and Effective Space in technological and financial cooperation
IAI promotes financial investment in Effective Space.
Effective Space selects IAI’s space division to develop, manufacture and deliver its SPACE DRONETM in-orbit servicing fleet.
11th September 2018 – IAI and Effective Space – a company pioneering last mile logistics in space – today announced that they have signed a term sheet for cooperation, including both technological and financial partnerships. Under the conditions of the term sheet, Effective Space will appoint IAI as the primary contractor of its SPACE DRONETM spacecraft, while IAI will work to complete the necessary approvals for equity investment in Effective Space. The term sheet follows more than a year of cooperation, during which both companies have been jointly working on the SPACE DRONETM spacecraft design.
Effective Space is developing a unique, small spacecraft to extend the life of satellites in orbit, based on the vision to provide logistics services in the rapidly growing space economy. To this end, it has developed a unique and patented technology for rendezvous and docking to satellites in space through a small spacecraft called SPACE DRONE™.
Effective Space is pioneering a new era in last-mile logistics in space that will see its SPACE DRONE™ spacecraft fleet deployed to provide auxiliary services to space assets. Initial services to be provided by Effective Space will be life-extension for satellites in Geosynchronous Earth Orbit. The company’s first contract, signed in 2017 with an international satellite operator, will see two SPACE DRONE™ spacecraft launched in 2020 to extend the life of two existing satellites, and is expected to generate revenues of more than US$100 million.
“This partnership is an excellent example of the added value in the connection between IAI – Israel’s largest aerospace company – with start-ups and the world of innovative technologies and business entrepreneurship,” said Nimrod Sheffer IAI’s CEO. “IAI’s vast experience and its expertise in the development and manufacturing of small, light and fast satellites, and the innovative concept of Effective Space, has the potential for significant business activity.”
“IAI is globally recognised as a leader in the development and construction of commercial satellite technologies, and in particular, those with high performance and a small form factor,” said Arie Halsband, Founder and CEO, Effective Space. “IAI’s intention to directly invest in Effective Space is a strong endorsement of our SPACE DRONE™ programme and an indication of the potential return for investors from this new era of logistics in space and in-space robotics. For both strategic and growth investors, logistics in space is a new and exciting opportunity.”
The design of the SPACE DRONE™ spacecraft is a result of decades of experience in the field of small satellites. ‘Phase One’ services will see the spacecraft dock with existing satellites in Geosynchronous Earth Orbit that are reaching the end of their normal life expectancy. The SPACE DRONE™ spacecraft will provide station-keeping and attitude-control, relocation, deorbiting, orbit and inclination correction, and is capable of providing up to 15 years of overall life-extension service.
Logistics in space is a rapidly developing market and further services will see platform adaptations to support the evolving low-earth-orbit and medium-earth-orbit constellations, as well as active-debris-removal and in-space explorations, mining and manufacturing logistics. To meet the expected market opportunity, Effective Space ultimately anticipates a fleet of several dozen SPACE DRONE™ spacecraft to be launched and operated.
Effective Space, founded in 2013, has raised US$15 million from investment funds in previous rounds of financing.
About Effective Space
Effective Space is pioneering last-mile logistics in space. It deploys and operates a fleet of small SPACE DRONE™ spacecraft that will deliver, position, maintain, monitor and guarantee space assets in orbit and beyond. Its ‘Phase One’ rollout is based on an existing solid business case: life-extension services to operators of satellites in geosynchronous-earth-orbit (GEO). Services include station-keeping and attitude-control, relocation, orbit and inclination correction, deorbiting and ‘bringing into use’ (BIU). The SPACE DRONE™ platform is well capable of supporting evolving Low Earth Orbit (LEO) and Medium Earth Orbit (MEO) constellations, Active Debris Removal (ADR), in-space exploration, as well as manufacturing and asteroid mining logistics.
Effective Space is headquartered in the UK. For more information, visit https://effective.space.
About Israel Aerospace Industries
IAI Ltd. is Israel’s largest aerospace and defense company and a globally recognized technology and innovation leader, specializing in developing and manufacturing advanced, state-of-the-art systems for air, space, sea, land, cyber and homeland security. Since 1953, the company has provided advanced technology solutions to government and commercial customers worldwide including: satellites, missiles, weapon systems and munitions, unmanned and robotic systems, radars, C4ISR and more. IAI also designs and manufactures business jets and aero structures, performs overhaul and maintenance on commercial aircraft and converts passenger aircraft to refuelling and cargo configurations. For more information, visit www.iai.co.il.
To Keep up to date with the latest Effective Space news follow @Effective_Space on Twitter.
#InOrbitServicing #spacecraft
Babel
From the Babel team
