- Transaction cements strategic partnership between SatRevolution
and Virgin Orbit
- The total Series B fundraise is estimated to close at $30
million
- Investment values SatRevolution at $150 million
SatRevolution S.A. (“SatRev or the “Company”), a Polish
developer and manufacturer of nanosatellites and nanosatellite
technologies, today announced that it has secured Series B funding
(the “Transaction”) from Virgin Orbit, the US-based responsive
launch and space solutions company that has announced a planned
business combination with NextGen Acquisition Corp. II (“NextGen”)
(NASDAQ: NGCA). The Transaction values SatRev at approximately $150
million, and will support SatRev’s business development.
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The Transaction, signed today at World Satellite Business Week,
follows a strategic partnership established by SatRev and Virgin
Orbit in June this year under which both companies seek to develop
business applications for the use of nanosatellites. SatRev has to
date launched two satellites with Virgin Orbit as part of the
LauncherOne Tubular Bells: Part One mission. Two more SatRev
satellites are awaiting launch as part of Virgin Orbit’s Above the
Clouds mission launching next month. SatRev and Virgin Orbit plan
to jointly offer up to 500kg of hosted payload services on
LauncherOne rockets, turnkey solutions for rapid deployment of
space services, and much more.
SatRev nanosatellite technologies include the Stork
medium-resolution earth observation platform and ScopeSat, a
deployable high-resolution telescope with on-board processing
capabilities. These technologies deliver near real-time and
high-resolution earth observation capabilities.
“The world needs Earth Observation data with higher revisit
rates at more affordable prices, and SatRev will address that
need,” said Grzegorz Zwolinski, co-founder and CEO of SatRev.
“After four years of research and development by multi-disciplinary
teams of scientists and engineers, we are ready to go to market.
Our partnership with Virgin Orbit will help us to develop critical
relationships with existing and new customers and to give us speed,
momentum and the resilience to deliver over the long term.”
The total addressable global market for weekly mapping services
could reach $140 billion by 2026 according to Euroconsult. The key
to successfully entering this market lies in the ability to monitor
Earth at a high resolution, at a high frequency and at an
accessible price. SatRev and Virgin Orbit intend to jointly address
this market.
“Small satellites are now doing heavy lifting across the space
sectors and as the technology has grown globally SatRev has been
moving innovation forward at pace," said Dan Hart, CEO of Virgin
Orbit. “With our continued collaboration, Virgin Orbit and SatRev
will drive capabilities into new markets, enabling applications for
Earth observation and more – applications that yesterday were only
dreams. Working together, we will continue Virgin Orbit's mission
of opening space for good."
SatRev’s current customers and partners include innovators from
around the globe, such as SkyWatch, Spiral Blue, Neumann Space,
SkyServe, UP42, AIKO, and many more. In addition, many companies
are currently testing the use of SatRev’s technologies for
different uses. SatRev’s current pipeline of contracts exceeds $50
million and it has already secured a backlog of orders to the value
of approximately $18 million.
The Transaction announced today is expected to complete by the
end of the first quarter of 2022. The total Series B fundraise is
estimated to close at $30 million. All existing shareholders and
investors in SatRev will continue to hold their equity, and current
SatRev shareholders will remain the majority owners of the Company
at closing.
About SatRevolution
SatRevolution was founded in Poland in 2016 to focus on the
emerging space market. With a vertically-integrated business, the
company specializes in the design, manufacture and operation of
satellites as well as data analytics and is building a real-time
Earth Observation constellation. Its goal is to become the largest
worldwide operator of EO satellites, delivering 1,024
nanosatellites into Low Earth Orbit by 2026 to provide
round-the-clock Earth Observation. In October 2019, the company
established a consortium with Virgin Orbit and nearly a dozen
Polish universities to design and carry out the world’s first
dedicated commercial small satellite mission to Mars. In June 2021,
SatRevolution placed two-satellites, STORK-4 and STORK-5 Marta,
into Low Earth Orbit with the launches of STORK-3 and SteamSat-2
scheduled for December 2021. The company also plans to launch
CubeSat, its first Omani nanosatellite by end 2022. SatRev’s
satellites can be used to solve the challenges of resource
utilisation and optimisation across a wide range of issues
including precision agriculture, precision agriculture energy
assets monitoring defence & intelligence logistics &
transportation infrastructure monitoring. Current investors include
Polish VC funds such as Infini, Newberg, Tech Invest Group and
Kvarko (part of the Polish NCBiR R&D scientific start-up
funding programme). To learn more, visit satrevolution.com
About Virgin Orbit
Virgin Orbit operates one of the most flexible and responsive
space launch systems ever built. Founded by Sir Richard Branson in
2017, the company began commercial service in 2021, and has already
delivered commercial, civil, national security, and international
satellites into orbit. Virgin Orbit’s LauncherOne rockets are
designed and manufactured in Long Beach, California, and are
air-launched from a modified 747- 400 carrier aircraft that allows
Virgin Orbit to operate from locations all over the world in order
to best serve each customer’s needs. On August 22, 2021, Virgin
Orbit entered into a definitive agreement to combine with NextGen
Acquisition Corp. II (NASDAQ: NGCA), a special purpose acquisition
company, which would result in Virgin Orbit becoming a publicly
listed company on the Nasdaq Stock Market under the symbol VORB. To
learn more, visit virginorbit.com.
About NextGen Acquisition Corp. II
NextGen Acquisition Corp. II is a blank check company whose
business purpose is to effect a merger, share exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. NextGen is led by George
Mattson, a former Partner at Goldman, Sachs & Co., and Gregory
Summe, former Chairman and CEO of Perkin Elmer and Vice Chairman of
the Carlyle Group. NextGen is listed on NASDAQ under the ticker
symbol "NGCA." For more information, please visit
www.nextgenacq.com.
IMPORTANT LEGAL INFORMATION
Additional Information and Where to Find It
This press release relates to a proposed transaction between
Vieco USA, Inc. (“Vieco USA”) and NextGen Acquisition Corp. II
(“NextGen”). This press release is not a proxy statement or
solicitation of a proxy, consent or authorization with respect to
any securities or in respect of the potential transaction and shall
not constitute an offer to sell or a solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of such state or jurisdiction. In connection
with the proposed transaction, NextGen has filed a registration
statement on Form S-4 with the SEC on September 16, 2021, as
amended on October 29, 2021, November 23, 2021 and December 3,
2021, which was declared effective by the SEC on December 7, 2021,
which includes a document that serves as a prospectus and proxy
statement of NextGen (the “proxy statement/prospectus”). A
definitive proxy statement/prospectus was mailed to all NextGen
shareholders of record as of November 19, 2021, the record date
established for the extraordinary general meeting of shareholders
relating to the proposed transaction on December 28, 2021. NextGen
also will file other documents regarding the proposed transaction
with the SEC. This communication does not contain all the
information that should be considered concerning the proposed
transaction and is not intended to form the basis of any investment
decision or any other decision in respect of the proposed
transaction. Before making any voting or investment decision,
investors and security holders of NextGen are urged to read the
registration statement, the proxy statement/prospectus included
therein and all other relevant documents filed or that will be
filed with the SEC in connection with the proposed transaction as
they become available because they will contain important
information about the proposed transaction.
Investors and security holders may obtain free copies of the
registration statement, the proxy statement/prospectus included
therein and all other relevant documents filed or that will be
filed with the SEC by NextGen through the website maintained by the
SEC at www.sec.gov.
The documents filed by NextGen with the SEC also may be obtained
free of charge at NextGen’s website at
https://www.nextgenacq.com/nextgen-ii.html or upon written request
to 2255 Glades Road, Suite 324A, Boca Raton, Florida 33431.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws, including with
respect to the proposed transaction between Vieco USA and NextGen.
These forward-looking statements generally are identified by the
words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “may,”
“should,” “will,” “would,” “will be,” “will continue,” “will likely
result,” and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: (i) the risk that the transaction may not be completed
in a timely manner or at all, which may adversely affect the price
of NextGen’s securities, (ii) the risk that the transaction may not
be completed by NextGen’s business combination deadline and the
potential failure to obtain an extension of the business
combination deadline if sought by NextGen, (iii) the failure to
satisfy the conditions to the consummation of the transaction,
including the adoption of the Merger Agreement by the shareholders
of NextGen, the availability of the minimum amount of cash
available in the trust account in which substantially all of the
proceeds of NextGen’s initial public offering and private
placements of its warrants have been deposited following
redemptions by NextGen’s public shareholders and the receipt of
certain governmental and regulatory approvals, (iv) the lack of a
third party valuation in determining whether or not to pursue the
proposed transaction, (v) the inability to complete the PIPE
investment in connection with the transaction, (vi) the occurrence
of any event, change or other circumstance that could give rise to
the termination of the Merger Agreement, (vii) the effect of the
announcement or pendency of the transaction on Vieco USA’s business
relationships, operating results, and business generally, (viii)
risks that the proposed transaction disrupts current plans and
operations of Vieco USA and potential difficulties in Vieco USA
employee retention as a result of the transaction, (ix) the outcome
of any legal proceedings that may be instituted against Vieco USA
or against NextGen related to the Merger Agreement or the proposed
transaction, (x) the ability to maintain the listing of NextGen’s
securities on a national securities exchange, (xi) the price of
NextGen’s securities may be volatile due to a variety of factors,
including changes in the competitive and regulated industries in
which NextGen plans to operate or Vieco USA operates, variations in
operating performance across competitors, changes in laws and
regulations affecting NextGen’s or Vieco USA’s business, Vieco
USA’s inability to implement its business plan or meet or exceed
its financial projections and changes in the combined capital
structure, (xii) the ability to implement business plans,
forecasts, and other expectations after the completion of the
proposed transaction, and identify and realize additional
opportunities, (xiii) the ability of Vieco USA to implement its
strategic initiatives and continue to innovate its existing
products, (xiv) the ability of Vieco USA to defend its intellectual
property, (xv) the ability of Vieco USA to satisfy regulatory
requirements, (xvi) the impact of the COVID-19 pandemic on Vieco
USA’s and the combined company’s business and (xvii) the risk of
downturns in the commercial launch services, satellite and
spacecraft industry. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the “Risk Factors”
section of NextGen’s registration statement on Form S-1 (File No.
333-253848), the definitive proxy statement/prospectus filed by
NextGen with the SEC on December 7, 2021 and other documents filed
or that may be filed by NextGen from time to time with the SEC.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Vieco USA and NextGen assume no obligation and do
not intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Neither Vieco USA nor NextGen gives any assurance that
either Vieco USA or NextGen, or the combined company, will achieve
its expectations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211214006222/en/
Media Enquiries Media, Virgin Orbit: Alison Patch, Senior
Director of Communications press@virginorbit.com +1-949-616-2504
Media, SatRevolution: Anna Ziubińska , Cook Communications
anna.ziubinska@cook-comm.com +48 663 171 033 Investor
Relations Business Development, SatRevolution Damian Jamroz,
Vice-President d.jamroz@satrevolution.com +48 503 969 996
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