ASX-listed Kleos Space has confirmed that the Luxembourg Space Agency has approved an additional €1 million ($1.63 million) financial grant (non-equity) support for data product development.
With the funding support approval from the Luxembourg Space Agency, Kleos has entered the European Space Agency Business Applications program process and aims to be on contract with initial funding receipts by the end of 2019.
Andy Bowyer, CEO of Kleos Space said, "The Luxembourg Space Agency ecosystem is highly supportive of commercial enterprises, assisting with product development financing and also licencing."
Currently, the Grand Duchy of Luxembourg is home to approximately 50 space companies and research labs. The space sector’s contribution to the nation’s GDP is among the highest ratios in Europe.
The country’s expertise in international finance and dedicated funding resources foster the sustainable and ongoing development of the country’s space capabilities.
The funding, conditional on successful launch of the Kleos Scouting Mission, will be applied towards further developing Kleos data products, enhancing capability and increasing revenues.
Kleos Space is a space enabled, activity-based intelligence, data as a service company based in Luxembourg. Kleos Space aims to guard borders, protect assets and save lives by delivering global activity-based intelligence and geolocation as a service.
The first Kleos Space satellite system, known as Kleos Scouting Mission (KSM), will deliver commercially available data and perform as a technology demonstration. KSM will be the keystone for a later global high capacity constellation.
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