Clyde Space Raises $1.6M To Fund Expansion Plans
Clyde Space of Scotland, which is expanding its portfolio from power controllers, batteries and solar arrays for very small satellites into a capacity to build full cubesats weighing a few kilograms at launch, has raised 1 million British pounds ($1.6 million) in funding to support its growth, Glasgow-based Clyde announced.
The funding round was led by private-equity investors Nevis Capital and Coralinn LLP and includes the participation of Scottish Enterprise and Britain’s Science and Technology Facilities Council. Representatives of Nevis and Coralinn will now have seats on Clyde’s board of directors.
Clyde said it expects its UKube1 cubesat, a 5-kilogram spacecraft being developed for the U.K. Space Agency, to be launched in late 2011.