Space Logistics and Transportation Company to Go Public
Italy-based space logistics and transportation company D-Orbit will become a publicly listed company through a business combination with Breeze Holdings Acquisition Corp., a publicly traded special purpose acquisition company (SPAC). The transaction values the company at an enterprise value of approximately $1.28 billion (€1.13 billion) post-money.
"D-Orbit was founded with the mission to enable expansion in space and fuel the new space economy, and the transaction we are announcing … is an important step forward toward our goals."
Dr. Luca Rossettini, CEO of D-Orbit.
In connection with the transaction, and to help drive D-Orbit's next phase of growth, Breeze Holdings and D-Orbit are partnering with The Charles F. Bolden Group, a consortium of leaders with extensive space and aerospace experience. The Bolden Group was founded in 2017 by Charles F. Bolden Jr., retired astronaut, Marine Corps Major General and the 12th Administrator of NASA, to foster leadership for the global advancement of science and security in the areas of Space/Aerospace Exploration; National Security; Science, Technology, Engineering, and Math + Art and Design (STEM+AD) Education; and Health Initiatives.
D-Orbit is a provider of in-space satellite transportation for commercial and institutional customers and has demonstrated satellite-as-a-service capabilities in space. D-Orbit is incorporated as a Benefit Corporation and is also the first space company worldwide to be certified as a B Corporation ("B-Corp"), reinforcing that its purpose-driven mission benefits all stakeholders. As D-Orbit builds out its technology, its space logistics and transportation capabilities will facilitate infrastructure for cleaner, safer and more sustainable use of space.
The Company has designed a flexible, cost-effective in-orbit satellite delivery solution, the ION Satellite Carrier (ION) that:
Positions satellites in-orbit faster, which can substantially reduce the time from launch to revenue generation for customers.
Deploys multiple satellite constellations in multiple orbits within a single mission, which can significantly reduce the cost of overall constellation deployment.
Enables customer satellites to ride on the first available launcher, resulting in a faster way to space.
Reduces the need for spare satellites through faster constellation replenishment.
Lowers manufacturing costs as it aggregates multiple payloads, which enables fewer launches, reducing overall propulsion costs.
Enables customers to optimize satellite constellations transporting their satellites into orbital positions not reachable today with standard rideshare launches.
D-Orbit is also developing additional space logistics and transportation capabilities, including those designed to support the emerging market for cloud edge computing. In October 2021, D-Orbit successfully completed the first orbital testing of its space cloud infrastructure designed to provide distributed high-performance data analytics computing and storage capabilities. The Company believes development of multiple iterations of the system will enable future ION Satellite Carriers to deliver in-orbit cloud based artificial intelligence computing services.
Following the closing of the transaction, D-Orbit will continue to be led by its founders Luca Rossettini, Ph.D., Chief Executive Officer and Renato Panesi, Ph.D., Chief Commercial Officer. The Company has an experienced management team, with several key executives having worked at multinational space, satellite and launch integrator companies. In addition, D-Orbit benefits from a deep bench of talent, including engineers and Ph.D. experts in fields such as propulsion, flight software, electronics, telecommunications, mechanics and other related industries.
"D-Orbit was founded with the mission to enable expansion in space and fuel the new space economy, and the transaction we are announcing … is an important step forward toward our goals," said Dr. Luca Rossettini, CEO of D-Orbit. "We have made tremendous progress developing and proving our unique ION technology, as well as building a dedicated customer base to which we have provided last-mile satellite delivery and advanced infrastructure services for more than eight years. Today, we deliver complete end-to-end services, guarantee satellite deployment in requested orbits and reduce our customers' time from launch to revenue generation. As the space economy continues to evolve, we are well positioned to capture growth opportunities by providing next-generation in-orbit services across the entire satellite lifecycle and beyond."
(Source: D-Orbit news release. Image from Facebook)