Company Increases Fleet to 26 Operational Satellites, On Track for Weekly Remapping of the Entire Surface of the Earth in 2023
NEW YORK--(BUSINESS WIRE)--May 26, 2022--
Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today announced the launch of four additional satellites from Cape Canaveral Space Force Station. They were delivered to a sun-synchronous low-Earth orbit on SpaceX’s Transporter-5 mission on May 25, 2022 onboard the Falcon 9 reusable, two-stage rocket, under SpaceX’s Rideshare program. All four satellites have made contact with Satellogic’s ground station network with good health reports.
The successful launch increases the Company’s fleet to 26 operational satellites, an important milestone keeping Satellogic on track to have 34 satellites in orbit by Q1 2023 and achieve up to seven daily revisits over points of interest. The four new spacecraft are the updated NewSats Mark IV model, which is more cost effective than its predecessor and has increased onboard storage as well as improvements to its propulsion and navigation systems.
“Since 2020, we have doubled the size of our constellation and expect the significant expansion of our fleet to continue,” stated Emiliano Kargieman, CEO and Co-Founder of Satellogic. “We are focused on growing the number of our satellites in orbit in order to make Earth Observation data more accessible and affordable to governments and organizations around the world.”
Satellogic recently confirmed that SpaceX continues to be its preferred vendor for rideshare missions, announcing a new Multiple Launch Agreement with SpaceX for 2023 and beyond, reserving launch capacity for the Company’s next 68 satellites. SpaceX’s frequent launch schedule is helping to meet the Company’s constellation roadmap and provides shorter periods between satellite development and deployment.
By the end of 2023, Satellogic expects to have 60+ satellites in orbit, offering weekly world remaps. By 2025, the Company aims to have over 200 satellites in orbit to provide daily remaps of the entire surface of the Earth, and up to 40 revisits of points of interest per day.
Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic (NASDAQ: SATL) is the first vertically integrated geospatial company, driving real outcomes with planetary-scale insights. Satellogic is creating and continuously enhancing the first scalable, fully automated EO platform with the ability to remap the entire planet at both high-frequency and high-resolution, providing accessible and affordable solutions for customers.
Satellogic’s mission is to democratize access to geospatial data through its information platform of high-resolution images and analytics to help solve the world’s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic unlocks the power of EO to deliver high-quality, planetary insights at the lowest cost in the industry.
With more than a decade of experience in space, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point.
To learn more, please visit: http://www.satellogic.com
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on Satellogic’s current expectations and beliefs concerning future developments and their potential effects on Satellogic and include statements concerning Satellogic’s strategies, Satellogic’s future opportunities, and the commercial and governmental applications for Satellogic’s technology. 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. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by, an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Satellogic. 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) Satellogic’s ability to scale its constellation, (ii) Satellogic’s ability to continue to meet image quality expectations, to continue to enhance the capability of its network of satellites and to continue to offer superior unit economics, (iii) Satellogic’s ability to become or remain an industry leader, (iv) the number of commercial applications for Satellogic’s products and services, (v) Satellogic’s ability to address all commercial applications for satellite imagery, changes in the competitive and highly regulated industries in which Satellogic operates, variations in operating performance across competitors and changes in laws and regulations affecting Satellogic’s business, (vi) the ability to implement business plans, forecasts and other expectations, and to identify and realize additional opportunities, (vii) the risk of downturns in the commercial launch services, satellite and spacecraft industry, (viii) the risk that Satellogic and its current and future collaborators are unable to successfully develop and commercialize Satellogic’s products or services, or experience significant delays in doing so, (ix) the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations, (x) the risk of product liability or regulatory lawsuits or proceedings relating to Satellogic’s products and services, and (xi) the risk that Satellogic is unable to secure or protect its intellectual property. 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 Satellogic’s Annual Report on Form 20-F and other documents filed or to be filed by Satellogic from time to time with the Securities and Exchange Commission. 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 Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Satellogic can give no assurance that it will achieve its expectations.
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Chris Tyson/Larry Holub
Source: Satellogic Inc.