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Nanosat startup raises A$4.5m
Nanosatellite startup Sky and Space Global looks set to get its first three proof-of concept birds into space following a successful capital raising drive, with firm commitments of A$4.5 million.
The sum is comfortably clear of the A$4 million stipulated for SSG’s acquisition by
Australian Securities Exchange-listed shell Burleson Energy, paving the way for a
planned listing for SSG itself via reverse takeover.; it should also more than cover the
US$3 million that SSG believes it needs for the launch of its first three nanosats.
As reported in CommsDay, SSG is confident that its nanosats – satellites much
smaller in scale than the traditional craft – will give it the opportunity to challenge existing satellite players. As well as much lower capex to build and launch, the firm also believes it can vastly reduce opex, partly through adapting cellular network
technology to manage its planned equatorial constellation almost completely autonomously with little ground communication.
Once the first three satellites are up and running, SSG plans a second-stage constellation of about 200 nanosats covering a fifteen-degree band each side of the equator. SSG picked the Australian bourse for a listing on the basis that local investors were both informed and interested in the space sector.
So far, that belief appears to have been borne out. Burleson announced firm commitments of A$4.5 million at a pre-consolidation price of 0.4c per share, conditional
on shareholder approval for the acquisition of SSG and the issue of capital raising
shares; a vote will be held on Friday this week.
“The strong interest from investors is extremely encouraging,” commented Burleson
director Peter Wall. “With funding now committed, SSG will be able to continue its
rapid push to disrupt the global satellite communications market with the near term
launch of 3 nano-satellites to demonstrate an initial communication network.”
Petroc Wilton, Commsday.
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