RapidEye Reaches 90% Of Financing

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RapidEye Reaches 90% Of Financing

RapidEye AG, Munich, has raised US$87 million (DM 180 million) in financing to launch its four high-resolution optical satellites scheduled for launch in late 2002, though RapidEye is behind schedule. The company estimates that it needs US$97 million (DM 200 million) to build and launch the satellites. Data from the satellites is being targeted to serve insurance companies and agriculture surveying. RapidEye has selected Surrey Satellite Technology Ltd, Guildford, England, as the prime to build the 350 kg (771 lbm) satellites. Babcock and Brown, London, is RapidEye’s financial advisor.

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June 19, 2000