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AAC Clyde Space secures SEK 5.8 M contract for Starbuck power system
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AAC Clyde Space secures SEK 5.8 M contract for Starbuck power system
by Robert Schreiber
Berlin, Germany (SPX) Oct 07, 2024

AAC Clyde Space has been awarded a contract valued at EUR 0.5 million (approximately SEK 5.8 million) for the delivery of a Starbuck power system and associated services. The company anticipates completing the order in the third quarter of 2025.

Commenting on the contract, AAC Clyde Space CEO Luis Gomes said, "Our Starbuck power systems have become a standard for small satellites, illustrating the strength of our strategy to standardize components for this category of satellites. It enables both us and our clients a robust and efficient process when selecting key components for different missions."

The client, a returning customer of AAC Clyde Space, has chosen to remain anonymous.

In addition to this new contract, AAC Clyde Space recently finalized the acquisition of Spacemetric AB. The company initially announced the agreement to acquire all outstanding shares in Spacemetric on July 3, 2024. With the acquisition now complete, AAC Clyde Space expands its capabilities, particularly in Earth Observation (EO) data services.

As part of the acquisition deal, AAC Clyde Space's board of directors, supported by authorization from the general meeting held on May 23, 2024, issued 188,000 shares and 106,800 warrants to Spacemetric's shareholders. These transactions will result in an increase of AAC Clyde Space's share capital by SEK 589,600, provided that all milestones are achieved and the warrants are fully exercised.

The newly issued shares are subject to lock-up agreements, with one-third of the shares locked for 360 days, another third for 630 days, and the remaining third for 810 days. Shares issued through the exercise of warrants will also be subject to a 360-day lock-up.

Luis Gomes, CEO of AAC Clyde Space, added, "I would like to welcome our new colleagues from Spacemetric to the AAC Clyde Space group. Their expertise will be invaluable in the expansion of our Earth Observation operations, both for our own Data and Services offerings and for our EO satellite customers, to whom we can now offer the complete solution to process and manage imaging data together with their satellite. Together we will make it easier for users to access the Earth Observation data that they need."

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