Dutch Space Agrees to Major Investment in Orbital Recovery Ltd. for the ConeXpress Orbital Life Extension Vehicle
London, England; Leiden, The Netherlands, April 28, 2004 — The Netherlands’ Dutch Space has agreed to a major investment in Orbital Recovery Ltd., providing strategic contributions that will enable the ConeXpress Orbital Life Extension Vehicle (CX OLEV) to enter service in 2007.
Dutch Space has joined the team that is financing the CX OLEV’s design and development as the lead strategic investor, and its commitment brings Orbital Recovery Ltd. near to completing its second round of funding for the innovative space tug program.
“We particularly welcome Dutch Space as a shareholder and board member,” said Phil Braden, Chief Executive Officer of Orbital Recovery Ltd. “They bring major industry expertise and resources to our team, and further exemplify our focus on using European technology and industry. ”
Orbital Recovery recently initiated the B1 Phase of its program, which is funded by the company and the European Space Agency under its ARTES 4 Public-Private Partnership initiative.
The CX OLEV will serve as an orbital “tugboat” — providing the propulsion, navigation and guidance required to maintain telecommunications satellites in their proper orbits for years beyond the normal fuel depletion. Primary mission of the CX OLEV will be to prolong the in-service lifetimes of expensive geostationary orbit telecommunications satellites, which currently are junked when their on-board fuel supply runs out. The space tug also can be used to rescue spacecraft that have become stranded during orbital positioning maneuvers.
Dutch Space was selected last November as the CX OLEV prime contractor, and the company is leading a team performing the spacecraft’s preliminary design review. This activity is backed by funding from private sources and by the European Space Agency through the ARTES 4 Public-Private Partnership program.
The marketing campaign for ConeXpress ORS also is underway, and advanced discussions are being held with several operators for early missions of the space tug. As a result, allocation of flight opportunities has begun, and the initial launch slots are in the process of being assigned.
More information on Orbital Recovery Corp. is available on the company’s Web site: www.orbitalrecovery.com.
Press and media contact:
The InfoWEST Group
Media relations agency for Orbital Recovery Corporation
Jeffrey Lenorovitz
International tel.: +33 (0)6 80 85 86 25
U.S. tel: +1 703 560-6330
U.S. mobile: +1 703 615-3646
e-mail: jleno@infowestgroup.com
