Astroscale Holdings, Japan, announced on 3 June 2020, that their American subsidiary, Astroscale US Inc., had entered into an agreement to purchase Israeli company Effective Space. Astroscale is a newspace company formed in 2013, to develop orbital debris mitigation technologies and services. Effective Space, also formed in 2013, is developing the “Space Drone” platform to provide in-orbit life-extension and in the future, in-orbit satellite servicing services.
Astroscale US, intends to purchase the assets and the rights to the Space Drone platform. This will lead to marketing the Space Drone in the USA, as an alternative to the Northrop Grumman MEV in the satellite life-extension market. As part of the planned purchase Astroscale US, will set-up an Tel Aviv, Israel, subsidiary and employ many Effective Space employees there as their life-extension R&D department. This deal will require approvals but is expected to be completed this year.
Before this takeover announcement from Astroscale, they had previously opened their Series E round of financing in May 2020. Astroscale has managed to raise over US$100 million so far over previous financing rounds and other fund raising. The company has already secured their first Series E contributor, Japanese data centre provider I-NET CORP. They anticipate that this round of funding will close by the end of 2020.