Satellite communications player Sky and Space Global, which listed on the ASX earlier this week, has done a deal with the Indian Space Research Organisation to launch its nanosatellites.
Its shares were up 8% to $0.027 on the news, about 38% ahead of the 2 cents a share issue price.
The IPO on Tuesday raised $4.5 million via a backdoor listing through the shell of Burleson Resources.
The three nanosatellites will be launched on a Polar Satellite Launch Vehicle (PSLV). The company’s long term target is 200 satellites.
Sky and Space Global is a UK company led by former Israeli fighter pilot, and project manager of Israel’s first astronaut flight, Meir Moalem.
The company wants to create a cost-efficient communications network able to handle voice calls and text with a series of nanosatellites which are about 80% cheaper than traditional communication satellites.
Moalem says the PSLV is very reliable with 33 out of 35 launches successful. The last failure was in 1997.
The company’s “3 diamonds” nano-satellites are 10cm x 10cm x 30cm in size and weigh less than 10kg.
The launch is planned for the second quarter of 2017.