Sky and Space Global’s breakthrough nano-satellites will be fully assembled within weeks and ready for launch ahead of schedule in February next year according to the company.
In a market update yesterday, the ASX-listed space industry pioneer advised that construction of the company’s first three trial nano-satellites is on track to be completed before the end of December this year by GomSpace in Denmark.
The so-called “3 Diamonds” project satellites are designed as a commercial demonstration and will pave the way for the launching of a constellation of 200 units to form a global narrow-band telecommunications network.
The company is targeting remote areas and industries that are poorly serviced by the cellular players for its wholesale, low-cost voice, text and data network.
Once assembled, the first three satellites will undergo rigorous “space simulation” testing and validation of all hardware, software and communication systems.
The company aims to have the nano-satellites designated as ‘Ready to Launch’ by February next year, well in advance of the final launch date scheduled for early in the second quarter of 2017.
Sky and Space Global’s CEO, Meir Moalem, said “We are making rapid progress towards the launch date of our initial three nano-satellites in early Q2 17. Our ‘3 Diamonds’ launch date and the completion of their construction remains firmly on schedule, with full assembly expected by the end of 2016.”
The update follows news earlier this week the company had raised $7 million through an oversubscribed capital raising at 8.5 cents a share, more than four times the 2-cents-a-share price of the company’s initial capital raising just six months earlier.
With a number of commercial contracts already in play for the sale of bandwidth from its space based telco network and a team that have done it before, it seems only a matter of time before Sky and Space Global leap over that all important revenue hurdle.
