Aerial & Maritime Shuts Down By Investor

Aerial and Maritime Ltd (A&M), the satellite-based tracking services company based in Mauritius has entered a settlement agreement with GomSpace. A&M was established in October 2015 as a spin-out project from GomSpace. The objective of A&M was to own and operate a constellation of nanosatellites to be launched into a low-inclination Equatorial orbit for monitoring the whereabouts of civilian aircraft and vessels. The principal shareholders of A&M were GomSpace Group and the Investment Fund for Developing Countries (IFU).

GomSpace and Aerial & Maritime (A&M) have agreed on a settlement and release of any potential claims and commitments of each party in connection with the original agreement from 2016. As a result of the settlement, the parties will start the process of solvent liquidation of A&M. GomSpace will have full ownership of the eight satellites, which have already been built. According to GomSpace, the financial impact of the settlement will be a depreciation in equity interest in A&M of around 12 MSEK and a reduction in the backlog of around 14 MSEK.

In December 2016, Aerial & Maritime announced it had entered into a turn-key delivery contract with GomSpace to design, deliver, launch and commission a constellation of satellites (a contract worth about USD 6 million). The satellites were scheduled for launch in 2018 but were delayed given the planned expansion of the fleet size. In March 2017, the company signed its first large order, with the Spanish company, AISTECH Srl. In a press release, the companies stated that the order size for A&M is between EUR 1-8 million initially, and between EUR 1-4 million for AISTECH, presumably on an annual basis. In 2017, Aerial & Maritime secured an additional USD 5 million investment to increase its fleet of nanosatellites from four to eight.

In November 2017, the company announced its plan to launch a fleet of 8 instead of 4 satellites, to have more frequent coverage while offering global coverage instead of initially planned equatorial coverage starting in 2018 (a target which was not met) with an estimated total of 80 nanosatellites in different orbits by 2021. In January 2018, the company made a launch booking for the deployment of its eight satellites with Virgin Orbit.

The company raised a total of USD 12.2 million in funding, and in 2019, was setting a subsidiary office in Ghana.