NewSat's satellite project Jabiru-1 looks closer to launch, with the company announcing that it has secured AU$105 million in equity required.
The satellite, which was due to launch in mid 2012, will be a hybrid Ku- and Ka-band satellite, and will provide coverage over South-East Asia, the Middle East, and North Africa. NewSat's CEO Adrian Ballintine announced today that NewSat has now secured all AU$611 million required for the Jabiru-1 satellite launch for mid 2015.
Construction is already underway for the satellite at Lockheed Martin in the United States. Preliminary design review of the satellite has been completed, with the critical design review the next stage of the project. The company has signed many deals, with companies ranging from Pakistani telecommunications companies to satellite operators to the US military for capacity on the satellite over 15 years. The total value of the deals to date is US$454 million.
Ballintine said the company is still in the process of selling additional capacity on the Jabiru-1.
"The Jabiru-1 sales pipeline continues to expand, and our base teleport business continues to grow month on month," he said in a statement.
"I am very excited about the ongoing opportunities for NewSat, and our customers and future customers who will benefit greatly from extra capacity."
A second satellite, Jabiru-2, will provide satellite services over Australia. NewSat has secured eight orbital slots for geostationary satellites.