Kleos Space (ASX:KSS) secures $10m debt facility with PURE

• Kleos Space (KSS) secures a four-year $10 million debt facility with PURE Asset management to help fund its operations and satellite consultation growth
• 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
• PURE Co-Founder Nick Berry is impressed with the level of genuine commercial interest in Kleos’ technology
• KSS shares are up 2.50 per cent to trade at 41 cents each at 1:58 pm AEST

Kleos Space (KSS) has secured a four-year $10 million debt facility with PURE Asset management to help fund its operations and satellite consultation growth.

The company 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.

“Kleos is in a period of rapid growth, responding to market needs for greater situational awareness,” Kleos CEO Andy Bower said.

“Increasing global risks and conflicts have driven growth in demand for intelligence, surveillance, and reconnaissance data. With each new cluster of satellites we operate, we increase our data collection capacity as well as revenue generation opportunities.”

PURE Co-Founder Nick Berry is impressed with the level of genuine commercial interest in Kleos’ technology.

“Kleos faces limited competition in a rapidly scaling market, and its commercial prospects are divorced from the monetary policy considerations currently driving macro-economic trends,” he said.

“We’re excited to be partnering with Kleos at this inflection point in the company’s commercial trajectory.”

On the market, KSS shares were up 2.50 per cent to trade at 41 cents each at 1:58 pm AEST.