IAI and Effective Space, a company pioneering last mile logistics in space – have signed a term sheet for cooperation, including both technological and financial partnerships. Under the conditions of the term sheet, Effective Space will appoint IAI as the primary contractor of its SPACE DRONETM spacecraft, while IAI will work to complete the necessary approvals for equity investment in Effective Space. The term sheet follows more than a year of cooperation, during which both companies have been jointly working on the SPACE DRONETM spacecraft design.
Effective Space is developing a unique, small spacecraft to extend the life of satellites in orbit, based on the vision to provide logistics services in the rapidly growing space economy. To this end, it has developed a unique and patented technology for rendezvous and docking to satellites in space through a small spacecraft called SPACE DRONE™.
Effective Space is pioneering a new era in last-mile logistics in space that will see its SPACE DRONE™ spacecraft fleet deployed to provide auxiliary services to space assets. Initial services to be provided by Effective Space will be life-extension for satellites in Geosynchronous Earth Orbit.
The company's first contract, signed in 2017 with an international satellite operator, will see two SPACE DRONE™ spacecraft launched in 2020 to extend the life of two existing satellites, and is expected to generate revenues of more than US$100 million.
