Satellogic is a vertically integrated Earth Observation (EO) company that designs, manufactures, and operates its own constellation of satellites. They provide high-resolution imagery and full-motion video data, with frequent revisits, for various applications across industrial, environmental, and governmental sectors. Satellogic partners with organizations like NASA, Maxar, Ursa Space, and SkyFi, and aims to democratize access to geospatial analytics.
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The merger will provide $262,000,000 in gross proceeds to Satellogic to support development of a satellite constellation that will provide high-resolution and hyperspectral imagery updated daily.
Liberty Strategic Capital’s contemplated $150,000,000 investment brings Satellogic’s total capital raised to more than $265,000,000 net of expected redemptions of CFV stock.
The shareholder vote for the Satellogic merger was delayed from 2023-12-08 to 2023-12-30 and then postponed again to 2024-01-24.
A July investor presentation projected Satellogic would have 300 satellites in orbit in 2025 generating $787,000,000 in revenue and $473,000,000 in adjusted EBITDA.
Liberty Strategic Capital entered into a definitive agreement to invest $150,000,000 in Satellogic, Inc. in connection with Satellogic’s merger with CF Acquisition Corp. V.
CF Acquisition Corp. V and Satellogic planned to merge at an implied enterprise value of $850,000,000 as of July 2021.
A 2024-01-18 filing with the Securities and Exchange Commission projected Satellogic would have 202 satellites in orbit in 2025 generating $480,000,000 in revenue and $297,000,000 in adjusted EBITDA.
Satellogic is building a scalable, fully automated Earth observation platform designed to remap the entire planet at both high frequency and high resolution.
When the merger with CF Acquisition Corp. V was announced in July, the companies expected $250,000,000 from the SPAC and $100,000,000 from the PIPE, which they projected would leave Satellogic with $271,000,000 in cash after debt repayment and expenses.
In exchange for its $150,000,000 investment, Liberty Strategic Capital will receive 20,000,000 Class A ordinary shares of Satellogic at $7.50 per share.
Liberty Strategic Capital will invest $150,000,000 into Earth imaging company Satellogic.
There is now more than $265,000,000 of capital committed to Satellogic as part of the merger and PIPE round.
Satellogic will continue to operate its current Assembly, Integration, and Test facility in Montevideo, Uruguay with a capacity of 24 satellites per year.
Satellogic will construct a 57,000-square-foot high-throughput satellite manufacturing facility in the Netherlands.
The Satellogic facility will provide office and meeting space for approximately 80 persons to support hybrid working.
Satellogic expects that expanding its supply chain through the new facility will enable scaling up production plans to support a goal of constantly maintaining 300 satellites in orbit.
CF Acquisition Corp. V, the SPAC merging with Satellogic, delayed a shareholder vote on the deal for a third time on 2021-12-30 and rescheduled that vote for 2022-01-24.
Satellogic announced a SPAC deal in July 2021 but has been struggling to close its merger.
The new Satellogic manufacturing facility in the Netherlands will open in mid-2022 and, when fully functional at the beginning of 2023, will be able to produce 25 satellites a quarter.
The shareholder vote on 2021-12-20 is the final step before completing the merger and turning Satellogic into a publicly traded company.