- Kleos Space (KSS) has entered a A$5.5 million loan agreement with Dubai-based family office Winance
- The data-as-a-service company will use the funds to launch its second cluster of satellites
- The first satellites were dispatched to India last month and Kleos is waiting for revenue
- Additionally, Kleos will use the loan funds to repay short term debt and expand its global presence
- Kleos Space is down 12.7 per cent and shares are trading at 31 cents each
Kleos Space (KSS) has entered a €3.41 million (approx A$5.5 million) loan agreement with Winance.
Winance is a Dubai-based investment company who is providing funds for Kleos to execute its commercialisation plans.
“We are convinced that this collaboration can serve as a springboard for both our companies in the GCC, Australian and Luxembourg markets,” Winance Director and Chief Financial officer Waqas Ibrahim said.
“This collaboration provides Luxembourg-based organisations operating in the space sector, such as Kleos Space, with access to investment and financing opportunities,” Kleos Space CEO Andy Bowyer said.
Kleos will use the money to continue with the development and launch of its second cluster of satellites while it awaits revenue from its Scouting Mission satellites.
The data-as-a-service company launched four of its Scouting Mission nanosatellites to Chennai, India last month.
Using its independent geolocation, Kleos’ space missions are aimed at uncovering hidden maritime activity in the interest of disrupting illegal fishing, smuggling and trafficking. Key regions of maritime interest include the Strait of Hormuz, South China Sea and African coast.
“Kleos technology has never been more relevant than today in addressing a real world need and has attracted interest from governments and private organisations.,” Waqas added.
In addition, the loan funds will increase Kleos’ international presence within the defence and security industry as well as repay existing convertible notes that were issued in September and December 2019.
Kleos Space is down 12.7 per cent and shares are trading at 31 cents each at 1:58 pm AEDT.