Ibadan, June 11 2024. – constellr has signed a contract for commercial acceleration with the European Space Agency’s ScaleUp INVEST program in a significant step for its growth trajectory. The contract marks an important milestone which will see ESA co-finance the launch of constellr’s second satellite. Together with ExoLaunch as the Company’s launch broker, constellr is preparing to take the next steps towards commercialization.
With a focus on expanding its satellite constellation, the second satellite represents the Company’s commitment to amplifying revenue and advancing its mission of providing accurate temperature monitoring services to support global food security. As a result, securing funding from the European Space Agency to purchase and launch the constellr’s second satellite is a strategic move that accelerates the Company’s timeline, bringing it one step closer to achieving high temporal resolution and unlocking new market segments.
Furthermore, the milestone not only strengthens constellr’s position in the Earth observation agricultural data space but also propels the pan-European technology company towards its vision of becoming a leading player in the industry.
Speaking on the project, Dr. Gianluigi Baldesi, Head of the Ventures and Financing Offices said, “constellr is the prime example of a company that has walked the full commercialization pathway that the ESA offers in developing the most promising European space industrial players — from ideation within the ESA BIC, which constellr joined in 2020, to technological development within ESA InCubed in 2022-2023, to now enabling companies like constellr to scale up their commercial operations via our program — ScaleUp INVEST. Several constellr’s investors are part of the ESA Investor Network.”
constellr recently launched its new Smart Carbon Farming project to connect farmers, technology, research, and policy to drive an inclusive agricultural transition and grow resilient, future-proof farms in North-West Europe.
