ImageSat Completes Round Of EROS Financing

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ImageSat Completes Round Of EROS Financing

ImageSat International has raised US$90 million in capital to fund the Earth Remote-sensing Observation Satellite (EROS) commercial project. US$65 million come from group of U.S. investors led by Pegasus Capital Advisors while the remaining US$25 million was provided by a group of French investors. The first spacecraft in the 8-satellite constellation is expected to be launched before year-end atop a Start 1 vehicle. The other satellites are due for launch between 2001 and 2003.

ImageSat is a holding company owned 44% by Israel Aircraft Industries Ltd. (IAI), 12% by Electro-Optics Industries Ltd. (El-Op), and 44% by U.S.-based Core Software Technologies. IAI is building the satellites and El-Op is providing the imaging payload. The satellites will be operated by West Indian Space.

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August 7, 2000