ArQit recently announced that it was merging with Centricus, a global investment firm, in a transaction expected to provide Arqit with up to €330 million in gross proceeds.
The deal “fully finances” Arqit’s endeavors to develop state-of-the-art satellites for quantum key distribution, ESA said.
QKDSat is developed by a number of ESA member states including Austria, Belgium, Canada and the Czech Republic under ArQit’s leadership.
Arqit recently announced a partnership with Sumitomo to open its quantum encryption technology to the Japanese government, enterprises and citizens. Sumitomo also invests in Arqit’s merger with Nasdaq-listed Centricus, the company said on 20 May.