IAI promotes investment in the company • Effective Space has chosen an IAI space factory to develop and build a fleet of SPACE DRONETM satellites for rendezvous and docking satellites in space
The Aerospace Industry and Effective Space have signed a memorandum of understanding for joint activity that includes technological and financial partnership. As part of the emerging agreement, Effective Space has chosen the Aerospace Industry to develop and manufacture a fleet of SPACE DRONETM satellites, and at the same time, the Aerospace Industry is advancing the necessary approvals to make an investment in Effective Space. For the purpose of realizing the cooperation between the aerospace industry and Effective Space, the engineers of the companies began to jointly formulate the design of the SPACE DRONETM satellite.
Effective Space develops a unique service to extend the life of communication satellites in space, based on the vision of providing logistics services in the rapidly growing space economy. For this purpose, it has developed a unique and patent-protected technological ability to meet and dock satellites in space, using a small satellite called SPACE DRONE. The company completed initial development and at the end of 2017 signed a contract to provide service to two communication satellites of an international satellite operator, amounting to over 100 million dollars in expected revenues, starting at the end of 2020.
Nimrod Shafer, CEO of IAI: "This partnership is an excellent example of the connection of IAI - the largest high-tech company in Israel - with the worlds of startups and entrepreneurship. This is the sprouting of innovative technologies and business entrepreneurship in the ecosystem produced by the space industry in Israel, which the aerospace industry has been leading for decades. The connection between the aerospace industry's rich experience and specialization in developing and building small, light and agile satellites, and the innovative concept of Effective Space, has the potential for business activity on a very significant scale."
Aryeh Halzband, CEO of Effective Space: "The aerospace industry is a world leader in the development and supply of observation satellites and communication satellites. IAI has a proven advantage in developing small, high-performance satellites, and together with its ability in communication satellites, it is an ideal partner for us to develop a fleet of small and efficient service satellites. The Aerospace Industry's decision to invest in Effective Space is proof of the correctness of the technological and business idea underlying the company and faith in the team that leads it."
The solution developed by Effective Space relies on decades of experience in the field of tiny satellites and includes the production and launch of a small service satellite that will attach to the communication satellite and function as an external propulsion system and extend the life of the satellite. The satellite developed by the company is able to extend the life of an average communication satellite for 15 years.
The company is entering the rapidly growing field of space logistics and initially offers in-orbit services for communication satellites that include life extension for satellites in orbit, repositioning, orbit corrections and inclination as well as removal of satellites at the end of their lives. For this purpose, the company intends to deploy a fleet of several dozen satellites in space. Effective Space was founded in 2013 and has so far raised 15 million dollars from investment funds in previous fundraising rounds.
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Will they use US-made chips?