The Luxembourg Future Fund (LFF) will be investing in NorthStar Earth & Space. The investment is building on the announcement made in December 2019 of a partnership between Luxembourg's Ministry of the Economy and the Canadian-based company.
NorthStar is the first commercial service aiming at monitoring space, from space, via a constellation of satellites with dedicated optical sensors to deliver timely and precise Space Traffic Data, Collision Avoidance and Navigation Services.
LFF will co-invest with Telesystem Space Inc. in a 40 million Euro round of NorthStar Earth and Space, while the Luxembourg government will provide, to the extent applicable, funding through the national space program LuxIMPULSE managed by the Luxembourg Space Agency (LSA) or through other research and development grants in order to support NorthStar's local activities. NorthStar will establish its European headquarters in Luxembourg to set up a centre of excellence for Space Situational Awareness (SSA), Space Domain Awareness, and Space Traffic Management while planning to cooperate with local players such as the one in charge of the national High-Performance Computer (HPC). NorthStar's activities will focus on the delivery of high-performance space-based object tracking services that support safe satellite operations to help maintain a sustainable space environment.
Franz Fayot, Minister of the Economy, said: "NorthStar's approach is paving the way to a safer and sustainable future in space. Luxembourg has a long-celebrated reputation for creating pioneering partnerships with private space companies that generate technological advances and innovation for sustainable activities both in Space and on Earth. The investment in NorthStar is further fostering the on-going growth and development of Luxembourg's space capabilities."
Patrick Nickels, Chairman of the LFF Board, declared: "The Luxembourg Future Fund is very pleased to co-invest alongside Telesystem in NorthStar. This strategic investment reinforces the Luxembourg space cluster and helps strengthen the country's positioning as one of the leading locations for space technology companies in Europe and worldwide."
Alain Godard, EIF Chief Executive stated: "I am very proud that the EIF could support this co-investment of the LFF into NorthStar – Earth & Space, a New Space company, together with Telesystem Space Inc. Fostering New Space is crucial for Europe's future technological sovereignty. Luxembourg has the most dynamic space sector in Europe and I hope it paves the way for other countries."
"We are delighted to be establishing our European headquarters in Luxembourg, a leader in Space, Finance and Reinsurance. Luxembourg's pioneering work to develop SES Global, the world's largest commercial satellite operator and continuing initiatives and investments in ICT play a significant role in the New Space economy," said Charles Sirois, the Chairman of NorthStar.
"Realizing all the potential space will offer future generations depends entirely on delivering transformational commercial services to ensure the safety and sustainability of near-Earth orbits," said Stewart Bain, CEO & Founder of NorthStar Earth & Space. "NorthStar is privileged to receive this important investment from the Luxembourg Future Fund to help facilitate the launch of NorthStar's unique space based SSA services. NorthStar is eager integrate into this vibrant and creative community of space leaders and visionaries. Luxembourg has a rich space heritage and presents an exciting opportunity to leverage its talent and expanding capabilities."
Source: Ministry of the Economy