SatVu aims to revive thermal imaging business in 2025 with two satellites

TAMPA, Fla. — SatVu has booked the launch of its second and third spacecraft to return Britain’s thermal imaging satellite constellation to orbit after its debut satellite failed six months after launch.

SpaceX has a contract to launch HotSat-2 in the first half of next year and HotSat-3 in the second half of next year, SatVu (formerly Satellite Vu) CEO Anthony Baker said. space news May 15th.

Surrey Satellite Technology Ltd. (SSTL) is building both spacecraft, which are similar to the 160-kilogram HotSat-1 demonstration satellite provided by the British manufacturer. SpaceX’s Falcon 9 will launch in June.

Baker said HotSat-1 served customers such as Japan Space Imaging Inc. (JSI), a geospatial information provider for the civil, commercial, defense, and intelligence markets, until it was hit with an extraordinary situation that ended its service in December. He said that the service was being provided normally.

He said the investigation into HotSat-1 is ongoing. The HotSat-1 is designed to operate in low Earth orbit for five years and is fully insured for an amount not disclosed by SatVu.

He said the issue was likely caused by an issue with the satellite camera’s power circuit and was not related to SatVu’s intellectual property.

Baker pointed to previous tests conducted from aircraft and added, “We are completely confident that the camera is as good as we said it would be, and it has proven that.”

The satellite is based on SSTL’s DarkCarb design and is equipped with medium wave infrared (MWIR) technology to capture thermal images at 3.5 meters resolution.

rise from the ashes

SatVu sees the greatest demand for its images in the national security and commercial markets.

“Traditional Earth observation involves looking outside structures, such as counting cars,” he says. “We’ll let you know if something is active.”

These economic indicators help increase visibility into a company’s supply chain and provide information to financial traders.

“Obviously, the defense community is interested in exactly the same things,” Baker continued. “Some in the defense community have this data, but it’s highly sensitive. Now we have a dataset that we can share, which makes it even more useful.”

SatVu Ordered HotSat-2 from SSTL in 2022 However, it was initially put on hold due to funding delays and then to evaluate HotSat-1’s performance in orbit.

Eventually venture Raised approximately $16 million in May 2023one month before HotSat-1’s launch, there were announcements from investors including Lockheed Martin.

Baker said this round fully funds HotSat-2 and the company is close to finalizing bolt-on financing to meet all of HotSat-3’s capital needs.

He said SatVu is also in talks to secure customers ahead of HotSat-2’s launch next year, including one in India.

With two satellites in orbit, SatVu will be able to generate enough annual recurring revenue by mid-2026 to qualify for a growth funding round to pay for an additional seven satellites, he said. He said it could be done.

With more satellites, SatVu will be able to image more locations at different times of the day, increasing return visits.

SatVu originally proposed a constellation of seven satellites, but now has a total of nine to meet expected demand, enough to measure the heat generated by buildings multiple times a day. We are envisioning a constellation of satellites.

The company’s competitors Thermal imaging market is becoming increasingly crowded They include Germany’s OroraTech and constellr, Spain’s Aistech and Satlantis, Washington-based Hydrosat, and Colorado-based Albedo.