The Canadian company will use Luxembourg as its base for further developing its sustainable space activities. The Luxembourg Future Fund will be co-investing in the company's latest funding round.
NorthStar announced on 17 December 2021 its decision to establish its European headquarters in Luxembourg. The company will set up a centre of excellence for Space Situational Awareness (SSA), Space Domain Awareness, and Space Traffic Management.
It plans to cooperate with local players such as the one in charge of the national high-performance computer MeluXina.
NorthStar’s activities will focus on the delivery of high-performance space-based object tracking services that support safe satellite operations to help maintain a sustainable space environment.
Luxembourg has a long-celebrated reputation for creating pioneering partnerships with private space companies that generate technological advances and innovation.
“NorthStar’s approach is paving the way to a safer and sustainable future in space,” commented Minister of the Economy Franz Fayot. “Luxembourg has a long-celebrated reputation for creating pioneering partnerships with private space companies that generate technological advances and innovation for sustainable activities both in space and on Earth.”
Luxembourg investment
The Luxembourg Future Fund (LFF) will co-invest with Telesystem Space Inc. in a 40 million Euro round of NorthStar Earth and Space, while the Luxembourg government will provide, to the extent applicable, funding through the national space program LuxIMPULSE managed by the Luxembourg Space Agency (LSA) or through other research and development grants in order to support NorthStar’s local activities.
“This strategic investment reinforces the Luxembourg space cluster and helps strengthen the country’s positioning as one of the leading locations for space technology companies in Europe and worldwide,” said Chairman of the LFF Board Patrick Nickels.
Choosing a vibrant space community
For NorthStar, coming to Luxembourg is a highly strategic choice.
“We are delighted to be establishing our European headquarters in Luxembourg, a leader in Space, Finance and Reinsurance. Luxembourg’s pioneering work to develop SES Global, the world’s largest commercial satellite operator and continuing initiatives and investments in ICT play a significant role in the New Space economy,” said Charles Sirois, the Chairman of NorthStar.
NorthStar is eager integrate into this vibrant and creative community of space leaders and visionaries.
“Realising all the potential space will offer future generations depends entirely on delivering transformational commercial services to ensure the safety and sustainability of near-Earth orbits,” the company’s CEO and founder Stewart Bain pointed out.
“NorthStar is privileged to receive this important investment from the Luxembourg Future Fund to help facilitate the launch of NorthStar’s unique space based SSA services. NorthStar is eager integrate into this vibrant and creative community of space leaders and visionaries. Luxembourg has a rich space heritage and presents an exciting opportunity to leverage its talent and expanding capabilities.”
Image credit: NorthStar Earth & Space
