The Luxembourg Future Fund (LFF) announced today that it will make a €10 million (CAD$14.5 million) investment in NorthStar Earth & Space in support of sustainable space activities.
NorthStar is in the midst of building an initial constellation of 12 satellites for space situational awareness which will then be followed by an additional 40 satellites that will feature additional Earth observation sensors. The company has raised $86 million to date.
The co-investment comes from the LFF and the government of Luxembourg. The LFF was established in 2015 with €150 million Euro in funding of which €120 million came from the Société Nationale de Crédit et d’Investissement (SNCI) and €30 million from the European Investment Fund. The LFF’s objective is “to stimulate the diversification and sustainable development of the Luxembourgish economy.”
The government of Luxembourg “will provide, to the extent applicable, funding through the national space program LuxIMPULSE managed by the Luxembourg Space Agency (LSA) or through other research and development grants in order to support NorthStar’s local activities.”
The funding comes two years after NorthStar had signed an agreement with the Luxembourg government to cooperate on the Common Clean Space Initiative.
In return for the investment NorthStar will base its European headquarters in Luxembourg and set up “a centre of excellence for Space Situational Awareness (SSA), Space Domain Awareness, and Space Traffic Management.” Along with the satellite constellation, NorthStar has been developing software tools including using AI for management of the data the constellation will generate. With the investment from LFF, NorthStar will now also cooperate with “local players” including those involved in “the national High-Performance Computer (HPC).”
Patrick Nickels, Chairman of the LFF Board said ”The Luxembourg Future Fund is very pleased to co-invest alongside Telesystem in NorthStar. This strategic investment reinforces the Luxembourg space cluster and helps strengthen the country’s positioning as one of the leading locations for space technology companies in Europe and worldwide.”
Meanwhile Stewart Bain, CEO & Founder of NorthStar Earth & Space said “”Realizing all the potential space will offer future generations depends entirely on delivering transformational commercial services to ensure the safety and sustainability of near-Earth orbits. NorthStar is privileged to receive this important investment from the Luxembourg Future Fund to help facilitate the launch of NorthStar’s unique space based SSA services. NorthStar is eager integrate into this vibrant and creative community of space leaders and visionaries. Luxembourg has a rich space heritage and presents an exciting opportunity to leverage its talent and expanding capabilities.”
The company was targeting 2022 for the launch of its first three satellites but has now told SpaceQ the first launch won’t happen until 2023.