This week, Luxembourg’s Future Fund (LFF), the EUR 150 million (about $170 million) sovereign venture capital fund that backs innovative startups in the Grand Duchy, announced that is is investing in Montréal, Canada-based NorthStar Earth & Space. The news follows a partnership formalized in December 2019 between NorthStar and Luxembourg’s Ministry of the Economy.
NorthStar calls itself the first commercial company that will monitor space, from space. The company is deploying a constellation of satellites (known as Skylark) with dedicated optical sensors to deliver more frequent and precise space traffic data, collision avoidance and navigation services than any other current system.
NorthStar’s head offices are located in Montréal, while its American headquarters located in the Washington D.C. metro area. LFF’s investment marks the formal establishment of NorthStar’s European headquarters in Luxembourg.
LFF will co-invest with Telesystem Space Inc., of Montreal, Canada, in a $45 million round for NorthStar, 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. NorthStar will establish its European headquarters in Luxembourg to set up a centre of excellence for Space Situational Awareness (SSA), Space Domain Awareness (SDA), and Space Traffic Management (STM) while leveraging expertise of local players such as the one in charge of the national High-Performance Computer (HPC). NorthStar’s activities will focus on the delivery of high-performance space-based object tracking and space monitoring services that support safe satellite operations to help maintain space sustainability.
“NorthStar’s approach is paving the way to a safer and sustainable future in space,” Luxembourg’s Economic Minister Franz Fayot said in a formal comment. “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. The investment in NorthStar is further fostering the ongoing growth and development.
“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 Information Communication Technology play a significant role in the New Space economy,” said NorthStar Chairman Charles Sirois.
“Realizing 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,” added NorthStar Founder and CEO Stewart Bain. “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 to 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.”
“The Luxembourg Future Fund is very pleased to co-invest alongside Telesystem in NorthStar,” said Patrick Nickels, Chairman of the LFF Board, 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.”
” Fostering New Space is crucial for Europe’s future technological sovereignty,” said Alain Godard, European Investment Fund Chief Executive stated Luxembourg has the most dynamic space sector in Europe and I hope it paves the way for other countries.”
NorthStar’s existing investors include Telesystem Space (a co-enterprise of the Sirois family office, Telesystem and the Roger’s Family Trust of Canada), the Space Alliance (Thales Alenia Space and Telespazio) of Europe, the Government of Quebec, the Government of Canada and (now) the Luxembourg Futures Fund.
