ICEYE Gets $11.36 Million Grant From Business Finland

ICEYE Gets $11.36 Million Grant From Business Finland

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According to the latest news, ICEYE, a radar satellite operator has received a grant of $11.36 million from a Finnish trade and economic development agency named Business Finland. Rafal Modrzewski, the co-founder and chief executive of ICEYE said that this will provide a big help to them to support the tight schedule of launches that are due shortly. Earlier this year the launch of the microsatellite followed by the launch of space mission in December 3, 2018 has been very successful for the team and the entire institution. They are following up and in the process of testing their 3rd and 4th launches.

By 2019, they plan to launch at least 5 and at most 8 satellites. This would be enough for creating a constellation that can operate with six satellites. Their focus is more on the services to be acquired from the project rather than the number of satellites sent. Gradually, ICEYE has planned to increase the 6 digit satellite to an 18 digit constellation of satellites. This should be able to make a revisit at an interval of every three hours to the place of interest. If there is a customer demand, ICEYE further plans to dispatch spacecrafts to revolve in certain orbits.

ICEYE had plans to launch ICEYE-X3 in this year itself. But due to a few unfortunate incidents the date has been postponed to sometime around the following year. The success of ICEYE has made it gather a big fund of over $65 million. After the grant by Business Finland, their total fund for Series-B has come to a figure of $45 million. They have clearly stated that with their zeal, they are not going to stop making satellites. In fact, all their achievements have only made them more eager to carry on with their good work.