Archives for April 2024

Spire Global, Inc. (NYSE: SPIR) has entered into a multi-million-dollar deal with a financial firm to provide the firm’s High-Resolution Weather Forecast model, which offers a six-day outlook powered by proprietary data collected from space, and develop an AI-powered model for long-range forecasting.

Through this deal, Spire will build off of its recent collaboration with NVIDIA to leverage Earth-2, NVIDIA’s platform for weather and climate change modeling, to train and run AI weather models. These models are projected to increase the accuracy of weather forecasts and produce long-range probabilistic forecasts at unprecedented speeds.

Spire’s multipurpose constellation of satellites, using radio occultation technology, captures precise vertical profiles of temperature, pressure, and humidity across the globe, including under-observed areas and remote regions. By using these proprietary datasets to initialize an AI forecasting model, the Company aims to usher in a new era of accuracy, speed and reliability in weather forecasting.

Spire’s suite of Weather and Climate solutions, including its recently launched High–Resolution Weather Forecasts, DeepVision, global weather forecasts, proprietary data sources like ocean winds and soil moisture, and additional atmospheric weather datasets, serves customers across various industries including energy, logistics, utilities, agriculture and more.

“Having spent my career in the field of weather, I’m amazed at the rapid pace by which we’re seeing AI transform weather forecasting, especially when paired with proprietary data that can only be collected from space,” said Michael Eilts, general manager of Weather & Climate at Spire. “As climate change causes more volatile and extreme weather patterns, our models are equipping financial firms with the crucial insights needed to anticipate weather’s influence on price dynamics and market trends.”

Umbra has been selected by the Defense Advanced Research Projects Agency (DARPA) to progress to Phase II of the Distributed Radar Image Formation Technology (DRIFT) program.

This significant milestone underscores Umbra’s pivotal role in advancing cutting-edge capabilities for DARPA’s mission to create breakthrough technologies for national security. The DRIFT program leverages data from multiple Umbra Synthetic Aperture Radar (SAR) satellites flown in formation, paving the way for the development of groundbreaking processing algorithms.

These U.S. capability advancements in formation flying and joint collection techniques are a testament to Umbra’s expertise in remote sensing space systems and its commitment to pushing the boundaries of innovation. Phase II entails a comprehensive multi-month collection campaign, during which Umbra’s SAR satellites will generate bistatic and multistatic datasets for further analysis by DARPA and its partner contractors in the DRIFT program. At the culmination of Phase II, Umbra will conduct an on-orbit demonstration showcasing the multistatic capabilities it has developed.

In March, Umbra released bistatic imagery from its tandem satellites. With eight satellites currently in orbit, Umbra plans to deploy the remaining satellites in its licensed 32 satellite constellation in strategically designed pairs. With the ability to capture images at day/night, all-weather capable, Umbra’s SAR satellites are indispensable for monitoring change. Umbra’s satellites deliver the highest quality SAR data at unprecedented volumes and area density, enabling the U.S. Government, its allies, and commercial partners with actionable, all-weather insights.

Jason Mallare, Vice President of Global Solutions at Umbra, said, “We’re grateful to contribute to DARPA’s vision, leveraging top-tier U.S. capabilities for asymmetric advantage. Umbra’s differentiated technology and relentless focus on tech evolution drive us forward. We’re excited about the future this technology and similar capabilities hold for Umbra and the nation.”

About Umbra
Umbra is a vertically integrated space technology company that offers intelligence data as a service to commercial and government customers. Our cutting-edge products help customers solve complex business, environmental, and security challenges. Umbra is founded, funded, built and operated in the USA with headquarters in Santa Barbara, California, and has a presence in Austin, Texas, and Washington, D.C.

Satellogic (NASDAQ: SATL) has signed a Letter of Intent (LoI) with O.N.E. Amazon to bring innovation to conservation — this announcement coincides with Earth Day, amplifying the importance of advancing geospatial sciences for planetary health and preservation.

Satellogic will look to support O.N.E. Amazon’s creation of the Internet of Forests (“IoF”), a large-scale sensor network that, along with machine intelligence infrastructure, will be used to monitor key variables within the Amazon rainforest.

“Satellogic’s mission is to monitor the planet to help solve the Earth’s most pressing issues. We understand the importance of initiatives like the O.N.E. Amazon project, and we are happy to support the IoF,” said Matt Tirman, President, Satellogic. “Our global, sub-meter resolution satellite constellation allows us to revisit any point on Earth daily and can obtain imagery quickly, allowing maximum responsiveness to any environmental change event.”

“Tokenization of the Amazon rainforest requires a granular assessment of environmental and social conditions within a given area of land. We believe Satellogic’s state-of-the-art earth-mapping technology will play a key role in the success of IoF,” said Rodrigo Veloso, CEO, O.N.E. Amazon. “The Internet of Forests is intended to ensure reliable measurements of key environmental and social metrics; serve as world – class data collection and storage infrastructure for scientific analysis of forest environments; and enable local communities to better understand how their behavior and the behavior of institutions impact the natural environment within the rainforest.”

SpaceX’s Falcon 9 is set to launch a batch of Starlink satellites into LEO from Space Launch Complex 40, Cape Canaveral, for the Starlink mega-constellation, on Monday, April 22 from 3:40 – 7:40 PDT.

The $52 million launch is part of SpaceX’s project for space-based Internet communication system.

Weather forecast calls for a temperature of 69°F, broken clouds, 75% cloud cover and a wind speed of 24mph.

Space Launch Complex 40 has witnessed the launch of 236 rockets, including 236 orbital launch attempts, while Cape Canaveral, FL, USA, has been the site for 947 rocket launches.

Satellogic Inc. (NASDAQ: SATL) recently announced that Nettar Group, Inc. (the Borrower) has entered into a Note Purchase Agreement, led by Tether Investments Limited (the Purchaser), pursuant to which Satellogic agrees to issue floating rate secured convertible promissory notes in the aggregate principal amount of $30 million to the Purchaser.

The net proceeds from the Offering, after deducting transaction fees and other debt issuance costs, were approximately $27.6 million. The Borrower has the ability to issue additional Secured Convertible Notes, provided the aggregate principal amount outstanding does not exceed $50 million.

The Secured Convertible Notes initially bear interest at a rate of SOFR plus 6.50% per annum, subject to an additional 4.0% per annum if certain events of default occur and are continuing. The Secured Convertible Notes are guaranteed by the Company and each of the Company’s material subsidiaries (other than the Borrower), and are secured by substantially all of the Company’s and its subsidiaries’ assets (including all of its and their intellectual property).

As noted above, the Borrower may issue additional Secured Convertible Notes under the terms thereof to other third parties, provided the aggregate principal amount outstanding does not exceed $50 million. The Secured Convertible Notes mature on April 12, 2028.

The Secured Convertible Notes are convertible into shares of the Company’s Class A ordinary share (the “Class A Ordinary Shares”) at an initial conversion price of $1.20 (or 833 Class A Ordinary Shares per $1,000 principal amount of Secured Convertible Notes), subject to customary anti-dilution adjustments. Conversion of the Secured Convertible Notes held by the Purchaser into Class A Ordinary Shares is subject to CFIUS Approval (as defined in the Secured Convertible Notes).

In the event of an asset sale by the Company (outside the ordinary course of business) or an insurance or condemnation event that results in net proceeds to the Company in excess of $2 million, the Borrower will be required to offer to prepay the Secured Convertible Notes up to the amount of the relevant proceeds at par (unless such proceeds are used to purchase comparable assets within six months).

In the event the Secured Convertible Notes are accelerated as a result of an event of default, the Borrower must pay a prepayment penalty equal to 5% of the greater of (i) the outstanding principal amount of Secured Convertible Notes and (ii) the then-prevailing conversion value. In connection with a change of control of the Company (including delisting of the Company’s Class A Ordinary Shares), the holder has the right to require the Borrower to repurchase the Secured Convertible Notes for cash at a price equal to the greater of (a) 105% of the redemption value of the Secured Convertible Notes and (b) 105% of the then-prevailing conversion value, plus accrued but unpaid interest thereon, as well as any other amounts owed (the “Put Price”).

The Borrower also has the right to repurchase or force-convert the Secured Convertible Notes in connection with a full acquisition of the Company at the Put Price.

The Secured Convertible Notes contain certain restrictive covenants, including restrictions on (i) incurring indebtedness, subject to certain exceptions (including the ability to issue additional Secured Convertible Notes; provided the aggregate principal outstanding amount does not exceed $50 million), (ii) creating certain liens, subject to certain exceptions, (iii) the payment of dividends or other restricted payments, (iv) the sale, transfer or otherwise conveyance of certain assets, subject to the asset sale prepayment described above, and (v) certain affiliate transactions.

In connection with the Offering, the Company also entered into with the Purchaser (i) a side letter, pursuant to which the Purchaser will be entitled to pre-emptive rights in order to maintain its as-converted ownership percentage on the same basis as new capital raised and (ii) a registration rights agreement, pursuant to which the Company agreed to register for resale the Class A Ordinary Shares issuable upon conversion of the Secured Convertible Notes.

The offer and sale of the Secured Convertible Notes are not being registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The Secured Convertible Notes may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the Securities Act and any applicable state securities laws.

“The proceeds from Tether’s investment in Satellogic will help advance our mission as we continue to focus on our U.S. strategy, the National Security market, and our global Space Systems opportunities,” said Emiliano Kargieman, CEO & Founder of Satellogic.

“This new facility will provide necessary funding as we look to continue expanding in 2024,” said Rick Dunn, CFO of Satellogic.

SpaceX is targeting Thursday, April 18 for a Falcon 9 launch of 23 Starlink satellites to low-Earth orbit from Space Launch Complex 40 (SLC-40) at Cape Canaveral Space Force Station in Florida. Liftoff is targeted for 6:40 p.m. ET, with backup opportunities available until 10:40 p.m. ET. If needed, additional opportunities are also available on Friday, April 19 starting at 6:18 p.m. ET.

A live webcast of this mission will begin on X @SpaceX about five minutes prior to liftoff. Watch live.

This is the seventh flight for the first stage booster supporting this mission, which previously launched ESA Euclid, Ax-2, Ax-3, CRS-30, and two Starlink missions. Following stage separation, the first stage will land on the A Shortfall of Gravitas droneship, which will be stationed in the Atlantic Ocean.

Apogeo Space has announced the agreement with INNOSPACE to acquire multi-unit launches, starting in the second half of 2025.

The agreement consists of the management, over the period 2025-2027, of three LEO launches and releases of Apogeo Space’s picosatellites that will populate Italy’s first private constellation dedicated to IoT. The deal between Apogeo Space and INNOSPACE marks an important step toward the Italian future of a global connectivity service, enabling consistent and reliable coverage for IoT worldwide.

Thanks to this agreement, which is in addition to the one with Italy’s D-Orbit, Apogeo Space is increasingly securing qualified access to space, pursuing its motto “IoT everywhere, for everyone” in tandem with a structured business plan for positioning in the first orbits needed to ensure global and continuous connectivity.

When fully operational, Apogeo Space’s plans expect for three to four launches per year, each consisting of nine satellites only 10x10x3 cm in size, to build its constellation, which will begin operations in late 2024 and be completed by 2027, when there will be 96, active, picosatellites on-orbit. The launch of the first nine test satellites occurred in November of 2023, with SpaceX’s Falcon 9 launcher and released by the Italian D-Orbit’s Orbital Transfer Vehicle (OTV).The next launch is scheduled for July 2024.

Apogeo Space’s project will reinforce Italy’s role in telecommunications constellations, specially composed of picosatellites/nanosatellites, capable of offering a full range of advanced services.

These services include data collection for a variety of applications, from the agri-tech sector to integrated logistics, from forest and glacier monitoring to oil & gas, from large watersheds to network and infrastructure monitoring.

Related to these sectors, the World Economic Forum‘s April 2024 Insight Report, in partnership with McKinsey & Company, claims that data from IoT sensors, located even in remote areas, will significantly benefit advanced supply chain services, energy, agriculture, mining and aerospace, generating an additional $3 billion in revenue by 2035.

German research institute Statista estimates a worldwide deployment of about 30 billion connected IoT devices by 2030, with a steady average annual growth of 2 billion between now and then.

Guido Parissenti, CEO and co-founder of Apogeo Space, said, “We are excited to partner with such an innovative company as INNOSPACE. This agreement is of great importance as it guarantees us to expand the number of partners that will allow us to complete our IoT picosatellite constellation by 2027.“

“We are delighted to announce this multi-launch agreement with Apogeo Space and are very proud to undertake the three space missions to deploy the IoT picosatellite constellation. INNOSPACE supports the vision of Apogeo Space as an innovative space partner. Our small satellite launch vehicle, HANBIT, will provide reliable launches to assist in building the constellation with precision deployment to orbits,” said Soojong Kim, CEO and founder of INNOSPACE.

On Wednesday, April 17 at 5:26 p.m. ET, Falcon 9 launched 23 Starlink satellites to low-Earth orbit from Launch Complex 39A (LC-39A) at NASA’s Kennedy Space Center in Florida.

A beautiful Florida sky was the perfect backdrop for SpaceX which is one shy of the total number of Space Shuttle missions (this was the 81st flight of a Falcon rocket compared to the 82 total shuttle flights) from the historic launch pad.

About 8.5 minutes after liftoff, B1077 touched down on the SpaceX droneship, ‘Just Read the Instructions.’ This was the 78th booster landing for JRTI and the 298th landing for SpaceX several days after achieving flight leader status with 20 total launches.

This was the 12th flight for the first stage booster supporting this mission, which previously launched Crew-5, GPS III Space Vehicle 06, Inmarsat I6-F2, CRS-28, Intelsat G-37, NG-20, a Northrop Grumman Cygnus spacecraft on the NG-20 mission to the International Space Station, and now six Starlink missions.

There have been a total of 174 orbital flights from LC-39A. Nine of those were Falcon Heavy rockets with the remaining 72 being Falcon 9 rockets. There were also 11 Saturn 5 launches from this pad.

According to astronomer and orbital tracker, Jonathan McDowell, reported that the 23 Starlink satellites added to the 5,809 currently on orbit. SpaceX launched 564 Starlink satellites so far in 2024 and this will be its 26th flight so far this year.

SpaceX launch of Maxar’s WorldView Legion mission a No-Go

The WorldView Legion mission was postponed the day before launch and, with support ship Go Beyond now returned to the Port of Long Beach and the listing removed from the FAA Operations Plan Advisory, could be delayed for some time.

The booster, which had yet to be confirmed, was expected to return to land on the pad at Landing Zone 4 located around 400 meters away from the launch mount.

Maxar’s statement
Scheduled for Apr 26, 2024 The WorldView Legion mission has been postponed to another date in April. We will adjust the preliminary date and time once SpaceX officially confirms it.

After stage separation, the Falcon 9 booster will make a land landing (land-to-land-landing) at the Landing Zone 4 (LZ-4) at the Vandenberg Space Force Base. WorldView Legion is a planned series of high-resolution earth observation satellites from the US company Maxar Technologies.