Australian space company Sky and Space Global has embarked on an institutional and broker roadshow through Asia and Australia to pitch for the $15 million it needs to further its plans.
That will take the form of a share placement to fund the construction, testing and launch of the company’s first eight commercial 6U nanosatellites.
The roadshow leads into the general meeting of shareholders to be held on 27 September.
Sky and Space Global’s (SAS) presentation includes details of the capital raising to be approved by shareholders and proposed new directors following successful completion of the capital raising as part of its Australian Securities Exchange (ASX) re-quotation requirements.
“SAS is looking forward to completing the corporate actions as set out and moving quickly ahead with its business plan to launch its commercial services in Q4 2020,” it said.
SAS, based in Perth, is well advanced in plans for what it calls the Pearls constellation of as many as 200 nanosatellites in equatorial orbit, providing low-cost communications, data and internet services for markets in Africa, South America and Asia.
The company is proposing an additional satellite constellation, allowing full global coverage, including Australia, Russia, China, South Africa, Argentina and Canada. The company has more than 50 agreements in place for use of its services once they’re in place.
In 2017, SAS Global launched three prototype satellites on an Indian rocket to test its technology.
SAS has experienced its fair share of problems, particularly attaining the cash needed to advance its operations.
The presentation says that it’s offering cost-efficient and reliable remote communication services based on nanosatellites, dedicated to rural connectivity, internet of things and asset tracking.
SAS incorporated in the UK in 2015 and listed on the ASX in May 2016.
“SAS is the first company to plan, build and operate a telecommunication commercial network over nanosatellite technology. It is an innovative and disruptive New-Space company with a strong B2B mode,” it said.
“Our offering is to provide cost-effective and reliable remote communication services and connect the unconnected. We are an experienced and capable team comprised of engineers, program managers, marketing/sales and software developers.”
SAS said proceeds from the share placement would be used for manufacture of satellites by Danish firm GomSpace, facilitating their launch, manufacturing ground terminals, plus other operational costs and expenses of the placement.
The company says the market opportunity is in remote communication services, which are currently lacking in coverage, reliability, cost efficiency and scalability.
It says cellular connectivity is not globally available and satellites solutions are expensive, complex and non-dedicated. Its solution provides global reliable connectivity via nanosatellites, enabling scalability and opening new market opportunities.
It says it expects to see its first revenues in fourth quarter 2020, following launch of first commercial satellites and the rollout of ground terminals.
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