Aerospacelab has closed a Series B funding round, securing €94 million euros ($110 million) to scale up production of satellite constellations. The funding includes €56 million euros from private investors and €38 million euros from a European financial institution. The company plans to produce up to 500 satellites per year at its Belgium Megafactory and accelerate research and development efforts.

Ground was broken on Aerospacelab’s satellite manufacturing facility in May 2024, with production expected to start in 2026 and reach full capacity in 2027. The company’s founder and CEO, Benoît Deper, sees the funding as an endorsement of their vision to deliver and scale manufacturing capabilities for the next generation of satellite constellations.

Aerospacelab recently opened a satellite manufacturing facility in Torrance, California, to fulfill a contract with Xona Space Systems to produce two satellites per week. The company offers satellite constellation systems to private, commercial, and government customers, competing in the growing market of global satellite services alongside entities like SpaceX’s Starlink.

Aerospacelab offers three main satellite systems for sale, emphasizing mission flexibility, scalability, and industry-leading radiation tolerance. The company can design high-performance satellites for various applications, including environmental monitoring, disaster response, agriculture, biodiversity studies, maritime safety, water management, and national defense.

Key deals, like partnering with Mitsui Bussan Aerospace for a demonstration mission with the Japan Exploration Agency, indicate a promising future for Aerospacelab. The company’s focus on advanced satellite systems and global satellite services positions it well in the competitive space industry, as cheaper satellites and next-gen solutions come online.

Read more at Yahoo Finance: $110M Boosts Bid For Europe’s New Satellite Constellation