ASX-Listed Satellite Company SAS to Raise A$12 Million
Sky and Space Global uses nano-satellite technology to offer communications services for telecommunications providers
SAS is raising the money to launch the first batch of its nano-satellite network, called Pearls, into orbit. Scheduled for mid-2019, the launch is the first stage of SAS' plan to operate a network of 200 nano-satellites. The company expects to start generating revenues in late 2019.SAS stated it also intends to hold a priority offer to raise an additional 3 to 4 million Australian dollars, and also raise debt from U.S. banks. Some of the capital will also come from "Key supplier contracts" that are already in place.
In October, SAS received a 1.25 million Polish Zloty (approximately $336,000) grant from the Polish government to fund a collaborative project with the University of Wrocław. The company also announced at the time binding memorandums of understanding with five telecommunications providers in Brazil, Canada, New York, Jamaica, and India.