Press releasesDecember 17, 2021
LUXEMBOURG, DECEMBER 17, 2021 – The Luxembourg Future Fund (LFF) will be investing in NorthStar Earth & Space. The investment is building on the announcement made in December 2019 of a partnership between Luxembourg’s Ministry of the Economy and the Canadian-based company.
For nearly four decades, Luxembourg has been at the forefront of commercial and co-operative initiatives that have shaped a vibrant space economy by attracting ground-breaking companies in this sector. NorthStar is the first commercial service aiming at monitoring space, from space, via a constellation of satellites with dedicated optical sensors to deliver timely and precise Space Traffic Data, Collision Avoidance and Navigation Services. Monitoring of space objects has, so far, mainly been done using ground-based data. This method gives information on the distribution of space objects but has limitations when it comes to small objects, which can also cause serious damages due to their velocity.
LFF will co-invest EUR 10 million in NorthStar, while the Luxembourg government will provide, to the extent applicable, funding through the national space program LuxIMPULSE managed by the Luxembourg Space Agency (LSA) or through other research and development grants in order to support NorthStar’s local activities. NorthStar will establish its European headquarters in Luxembourg to set up a centre of excellence for Space Situational Awareness (SSA), Space Domain Awareness, and Space Traffic Management while planning to cooperate with local players such as the one in charge of the national High-Performance Computer (HPC). NorthStar’s activities will focus on the delivery of high-performance space-based object tracking services that support safe satellite operations to help maintain a sustainable space environment.
Franz Fayot, Minister of the Economy, said: “NorthStar’s approach is paving the way to a safer and sustainable future in space. Luxembourg has a long-celebrated reputation for creating pioneering partnerships with private space companies that generate technological advances and innovation for sustainable activities both in Space and on Earth. The investment in NorthStar is further fostering the on-going growth and development of Luxembourg’s space capabilities.”
Patrick Nickels, Chairman of the LFF Board, declared: ”The Luxembourg Future Fund is very pleased to co-invest alongside Telesystem in NorthStar. This strategic investment reinforces the Luxembourg space cluster and helps strengthen the country’s positioning as one of the leading locations for space technology companies in Europe and worldwide.”
Alain Godard, EIF Chief Executive stated: “I am very proud that the EIF could support this co- investment of the LFF into NorthStar – Earth&Space, a New Space company, together with Telesystem Space Inc. Fostering New Space is crucial for Europe’s future technological sovereignty. Luxembourg has the most dynamic space sector in Europe and I hope it paves the way for other countries.”Preview (opens in a new tab)
“We are delighted to be establishing our European headquarters in Luxembourg, a leader in Space, Finance and Reinsurance. Luxembourg’s pioneering work to develop SES Global, the world’s largest commercial satellite operator and continuing initiatives and investments in ICT play a significant role in the New Space economy,” said Charles Sirois, the Chairman of NorthStar.
“Realizing all the potential space will offer future generations depends entirely on delivering transformational commercial services to ensure the safety and sustainability of near-Earth orbits,” said Stewart Bain, CEO & Founder of NorthStar Earth & Space. “NorthStar is privileged to receive this important investment from the Luxembourg Future Fund to help facilitate the launch of NorthStar’s unique space based SSA services. NorthStar is eager integrate into this vibrant and creative community of space leaders and visionaries. Luxembourg has a rich space heritage and presents an exciting opportunity to leverage its talent and expanding capabilities.”
NorthStar seeks to empower humanity to preserve our planet through a unique Space and Earth information & intelligence platform using space-based sensors. NorthStar strives to help transform the way governments, industry and institutions assess risk, enforce regulations and make decisions to foster the sustainable development of our planet and deliver a safe and secure near-Earth environment.
NorthStar’s unique space-based commercial SSA (Space Situational Awareness) products address many of the critical and immediate challenges facing all satellite operators. With a comprehensive view of all near-Earth orbits, NorthStar’s Skylark satellites will deliver more frequent and precise observations of resident space objects than any current system. Through a suite of high-speed decision quality information services derived from its unparalleled coverage, object custody, and enhanced predictive analytics NorthStar generates its Space Information & Intelligence (Si2) services.
NorthStar’s investors comprise a global coalition of strategic partners, including Telesystem Space (a co-enterprise of the Sirois family office, Telesystem and the Roger’s Family Trust of Canada), the Space Alliance (Thales Alenia Space and Telespazio) of Europe, the Government of Quebec and the Government of Canada.
NorthStar Earth & Space (NorthStar) head offices are located in Montréal, Canada and has a US office located in Washington D.C. NorthStar is now launching its European headquarters in Luxembourg.
About the Luxembourg Future Fund
Launched in 2015, the Luxembourg Future Fund (“LFF”) is a EUR 150 million Fund, which aims, beyond its financial performance objectives, to stimulate the diversification and sustainable development of the Luxembourgish economy. LFF targets to bring and develop innovative projects to/in Luxembourg by supporting the establishment of Venture Capital funds and early to later stage innovative businesses. It was set up by Luxembourg’s public-law banking institution, Société Nationale de Crédit et d’Investissement (SNCI), in partnership with the European Investment Fund (EIF) and combines a EUR 120 million contribution from SNCI with EUR 30 million from the EIF.
LFF is composed of two distinct product strategies: (i) the LFF Venture Capital Fund-of-Funds (VC FoF) which invests in VC funds who are expected to increase their presence in Luxembourg and (ii) the LFF Co-Investments sub-fund which makes co-investments into companies that are expected to have substantial spill over effects for Luxembourg’s economy.
Ministry of the Economy
Tel.: (+352) 247-74126
Mobile: (+352) 621 409 141
NorthStar Public Relations: email@example.com