Danish nanosatellite provider Gomspace has signed a letter of intent (LoI) to acquire Sweden’s NanoSpace, a subsidiary of Svenska rymdaktiebolaget (Swedish Space).
Closing terms and conditions of the deal are yet to be negotiated by both parties.
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However, they have settled that in order to complete the deal, the purchase price is to be paid with 600,000 new issued shares in GomSpace parent company GS Sweden, along with a cash payment of $356,406 (Skr3m).
With regard to the deal, Swedish Space has agreed to provide an executive director for the board of directors in GomSpace.
Swedish Space currently provides advanced space services for governmental agencies, companies and other commercial or research institutes to help Earth benefit from space.
With the acquisition, GomSpace aims to expand Swedish activities and include satellite propulsion products in its existing portfolio.
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By GlobalDataThe company said that future operational nanosatellite missions would depend on constellations of satellites and hence require the ability to fly these satellites in a correct formation.
This can be achieved by utilising the propulsion technology and other products developed by NanoSpace.
NanoSpace currently develops and provides nanosatellite propulsion technology and products, as well as participates in space technology projects funded by the European Space Agency (ESA) and Swedish national funding programmes.
Offering capabilities in miniaturisation and precise thrust control, the company develops propulsion technology and products based on the basis of microelectromechanical systems (MEMS).
Both GomSpace and NanoSpace have already collaborated in various customer projects on integrating NanoSpace propulsion technology into GomSpace satellite platforms.
In June, GomSpace was awarded a letter of binding commitment from the Danish Investment Fund for Developing Countries (IFU) for a $4m investment in a joint project, under which a constellation of nano-satellites will be launched.
