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Secretary Steven Mnuchin’s Liberty Strategic Capital to Invest $150 Million in Satellogic and CF Acquisition Corp. V

January 18, 2022

Satellogic and CF Acquisition Corp. V announced that they have secured an additional $150 million private placement commitment from Liberty Strategic Capital (“Liberty”), a private equity firm founded and led by former U.S. Secretary of the Treasury Steven T. Mnuchin.

This investment brings the total committed capital coming into Satellogic in this series of transactions to more than $265 million, building on the previously announced PIPE offering of $100 million led by SoftBank's SBLA Advisers Corp. and Cantor Fitzgerald, among other top-tier institutional investors. Cantor Fitzgerald has increased its PIPE participation to approximately $58 million from the previously disclosed amount of $33 million. Both the Liberty and SoftBank SBLA Advisers Corp. placements are subject to lock-up provisions for a minimum of a year. The capital will further position Satellogic to remap the entire surface of the Earth in sub-meter resolution, creating unprecedented data analytics and commercial applications within its $140 billion Total Addressable Market (“TAM”). 

In connection with Liberty’s investment in Satellogic, Secretary Mnuchin will join Satellogic’s Board of Directors as Non-Executive Chairman. Chairman and CEO of Cantor Fitzgerald and CFV Howard Lutnick will also join the Board of Directors.

Secretary Mnuchin, Founder and Managing Partner of Liberty, said, “It is hard to overstate the importance of up-to-date, high resolution Earth imagery as an aid to decision making across a broad variety of contexts. As Satellogic builds out its network to provide daily remaps of the Earth’s surface at a low cost, we believe the company is well positioned to provide governments and businesses with the information they need to make better, more well-informed decisions with respect to a host of pressing problems. We are excited to partner with Satellogic as they continue to innovate in this exciting and growing market.” 

Emiliano Kargieman, CEO of Satellogic, said, “We are thrilled to welcome Secretary Mnuchin and Howard Lutnick to the Satellogic Board of Directors, and Liberty and its investors to our ownership as a public company. This transaction is a significant step towards our plan of daily sub-meter resolution world remaps ready to address vast and affordable commercial applications.”

Howard W. Lutnick, Chairman and CEO of Cantor Fitzgerald and CFV, stated, “I’m excited Secretary Mnuchin and the team at Liberty share our enthusiasm for the enormous value Satellogic’s massive data capacity unlocks. Satellogic’s low-earth images will bring unique data sets and global analytics to the private sector and governments world-wide.”

Company Highlights

Images that Change the Way We See the Earth: Satellogic’s satellites have more capture capacity than the closest four satellite competitors combined. Satellogic intends to launch additional satellites in 2022, more than doubling its data and imagery capacity, and it expects to create weekly sub-meter resolution world remaps by the end of 2023 and daily remaps thereafter.

Highly Scalable, Competitive Operating Model: Satellogic’s unique, patented camera design, underpinned by vertically integrated manufacturing, enables its satellites to capture 10 times more data at one-tenth of the cost of its competitors’ high-resolution Earth Observation satellites. Satellogic also benefits from shorter R&D cycles and the ability to efficiently scale while maintaining overall quality.

Delivering Data to Solve the World’s Most Pressing Problems: Satellogic was founded to help solve some of the greatest challenges of our time: resource utilization and distribution. From tradeoffs between food, energy and water supplies, to monitoring the impacts of natural disasters, global health and humanitarian crises in the midst of a looming climate emergency; access to a continually refreshed source of global, high-quality data is critical to confronting some of the world’s most crucial issues.

Unparalleled Commercial and Government Applications: Using its patented satellite technology, Satellogic’s enormous comparative image and data capture capacity position it for vast commercial and government applications through a live catalog of every square meter of Earth. For instance, governments could monitor their borders or assess supply chain congestion, companies and communities could swiftly analyze the wake of a hurricane or fire to determine damage, and climate scientists can track the impact of global warming and resource utilization to inform policymakers, among countless other use cases. Across industries and around the globe, Satellogic customers will be able to make smarter decisions, informed by the best-in-class technology and leading content collection at an affordable price point.

Next Steps

The proposed merger with CFV is projected to close in the first quarter of 2022. Liberty’s investment in Satellogic is expected to close in mid-February after the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

A proxy statement/prospectus supplement is being filed with the Securities and Exchange Commission for CFV’s special meeting of stockholders, which is scheduled for January 24, 2022 at 11:00 a.m. EST via live webcast.