GomSpace and IFU sign an investment agreement for Aerial & Maritime Ltd.

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11/28/2016

Aerial & Maritime Ltd (”A&M”) a subsidiary of GS Sweden AB (”GomSpace” or the ”Company”) has secured an investment of 7.2 million USD from GomSpace, the Investment Fund for Developing Countries (”IFU”) and an African investor for financing of the activities of A&M.

The objective of A&M is to own and operate a constellation of nanosatellites to be launched into a low-inclination Equatorial orbit. The satellites will be capable of monitoring the whereabouts of civilian aircraft and vessels in an area spanning from 37 Degrees Northern to 37 Degrees Southern Latitude using ADS-B and AIS-signals, respectively. A&M will have its own management independent from GomSpace.

”We at GomSpace are very happy that it has been possible to establish A&M together with IFU and our African partner to provide this service to countries in the Equatorial region,” says Niels Buus, CEO of GomSpace, and continues: ”As we are a technology provider and not a service provider, it has been important for GomSpace to exploit our pioneering knowledge in airline tracking from nanosatellites in an operation that is independent from GomSpace, and our ownership will therefore be a purely financial holding, managed through our participation on the Board of A&M”.

”IFU is pleased to be part of this investment, which is expected to have an important developmental impact across many developing countries in the Equatorial zone. Thanks to the services provided by this project, safety and revenue from the aviation and maritime activities of these countries will improve,” says Tommy Thomsen, CEO of IFU.

A&M will have its first operational subsidiary in Accra, Ghana. The official registered address will be in Port Louis, Mauritius.

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