- Kleos Space (KSS) completes its $10 million secured debt facility with PURE Asset Management to help fund its operations and satellite consultation growth
- The funds will be used to expand Kleos’ 12 satellite constellations already in orbit, with four expected to launch by the end of the year, and growing the operational team
- The facility comprises of two tranches, the first comprises of $6 million while the second comprises of $4 million
- Shares in Kleos are down 3.33 per cent, trading at 43.5 cents near market close
Kleos Space (KSS) has completed its $10 million secured debt facility with PURE Asset Management to help fund its operations and satellite consultation growth.
The company is a data-as-a-service (DaaS) and mission-as-a-service (MaaS) provider which uses space technology to locate radio transmissions in key areas of interest around the globe.
The funds from the loan will be used to expand Kleos’ 12 satellite constellations already in orbit, with four satellites expected to launch by the end of the year, and growing the operational team.
The facility comprises of two tranches, the first is $6 million which the company had already requested for. The second tranche comprises of $4 million.
Key terms of the facility include a four years to maturity term from data of utilisation and will incur an annual interest rate of 12 per cent per annum until monthly revenue for three consecutive months exceeds €1.2 million (A$1.74 million).
In June, the company confirmed its fourth satellite cluster, Observer, is scheduled to launch on the next Transporter-6 SpaceX mission in October 2022.
The Observer satellites will be deployed from the Cape Canaveral Space Force Station in Florida and will orbit in a sun-synchronous pattern.
Kleos said these satellites would expand its data collection capability by up to a further 119 million square kilometres per day and increase its average daily revisit rate over the 15-degree latitude area of interest to around five times a day.
Shares in Kleos were down 3.33 per cent, trading at 43.5 cents near market close.