Globes: Effective Space signs $100m satellite life extension deal
The Israeli startup will send drones to refuel ageing communications satellites and keep them in orbit for another five years.
Israeli startup Effective Space has signed a $100 million deal with a large communications satellite operator, which will prolong the life of two of its ageing satellites. In 2020, Effective Space will send two drone satellites, each weighing 400 kilograms, to attach themselves to the communications satellites as their current life cycle nears its end.
Effective Space’s drones will refuel the satellites and keep them orbiting correctly for another 4-5 years. The unnamed communications satellites operator will earn $28-43 million from the extended life of its satellites.
Effective Space was founded in 2013 by Arie Halsband, the former general manager of the space division of Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1). Headquartered in London, Effective Space has its R&D center in Tel Aviv with 15 engineers and 10 more part time engineers.
The company has raised $15 million to date in two financing rounds and is in the process of completing a third financing round.