The facility will provide SWISSto12 with flexible growth capital to meet strong customer demand for its geostationary SmallSat, HummingSat. The company currently has more than €200 million in back orders from customers across its Radio Frequency products and subsystems business, partnership with ESA and recent HummingSat contracts.
SWISSto12, one of Europe’s fastest growing satellite and Radio Frequency product manufacturers, has announced securing a CHF 25 million (€26.15 million) working capital facility from UBS Switzerland AG. The working capital facility is underwritten by SERV - the Swiss government’s export risk insurance.
The Lausanne-based company is a leading manufacturer of advanced satellite payloads and systems, including the HummingSat: a small yet powerful geostationary telecommunications satellite developed in collaboration with the European Space Agency (ESA). HummingSat customers include Intelsat and Inmarsat (acq. Viasat 2023.)
Emile de Rijk, Founder and CEO of SWISSto12 said, “This CHF 25 million working capital facility with UBS gives us additional agility to execute on the manufacturing and delivery of our first HummingSats and address strong customer demand. With HummingSat, SWISSto12 is creating a new class of agile, high performance SmallSat for geostationary orbit that is approximately three to five times smaller and lower cost than conventional geostationary satellites, while still reliably delivering critical services.”
SWISSto12’s satellites and payloads benefit from the company’s unique and patented 3D-printing technologies and associated Radio Frequency (RF) product designs that deliver lightweight, compact, highly performing, and competitive RF functionality. Besides its space portfolio, the company is also active in telecommunications, surveillance and radar applications for the aeronautic industry. SWISSto12 has developed commercially with success in Europe, the USA and Israel and is amongst the fastest growing aerospace companies in Europe.
Pär Lange, Partner, Swisscom Ventures and one of the investors of SWISSto12 said, “SWISSto12 is the first ever growth-stage company to sell a whole geostationary satellite to global satellite operators - testament to the uniquely transformative market potential of the HummingSat platform and the team’s technical and commercial acumen. Having generated over €200 million in customer orders, SWISSto12 is also one of the few growth-stage companies able to secure a growth facility of this magnitude from a multinational bank such as UBS - the company is in a tremendously good position to reinvigorate the geostationary communications market on which billions of people depend for broadband, broadcast and safety services.”
(Press release / SK)
Please login or sign up to comment.
Commenting guidelines