PARIS (IAI PR) — IAI and Effective Space – a company pioneering last mile logistics in space – today announced that they have signed a term sheet for cooperation, including both technological and financial partnerships. Under the conditions of the term sheet,
Effective Space will appoint IAI as the primary contractor of its SPACE DRONETM spacecraft, while IAI will work to complete the necessary approvals for equity investment in Effective Space. The term sheet follows more than a year of cooperation, during which both companies have been jointly working on the SPACE DRONETM spacecraft design.
The fallout from the explosion of a Falcon 9 on the launch pad in September 2016 continues with a dispute over an insurance payment, Globesreports.
Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) today filed a NIS 300 million [$88 million] lawsuit at the Central District Court against Lloyd’s of London underwriters, the insurers of the Amos 6 satellite; Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) subsidiary Peltours Insurance Agency; and UK broker Marsh.The lawsuit involves the explosion of the Amos 6 satellite in September 2016 before its scheduled launch from Cape Canaveral, Florida, and the insurance compensation due to IAI from the satellite’s loss. Following the explosion of the satellite and negotiations between the parties, the insurers paid IAI $215 million in compensation. A dispute remains between the parties over the NIS 300 million not yet paid to IAI, for which a lawsuit has now been filed.
The insurers main argument is that the satellite exploded during a test of the launching rocket’s engines at a time when the satellite was connected to the rocket. They assert that they were not notified that the satellite would be attached to the rocket during the test, and that the insurance coverage should therefore be reduced by the increased rate of risk.
Through Advocates Ilan Sofer, Guy Wilf, and Jonathan Dori from the Goldfarb Seligman law firm, IAI is arguing that the explosion did not take place during a test of the engines, according to the statement by the SpaceX company, owned by Elon Musk, which was responsible for launching the satellite into outer space, and that by law and under the terms of the insurance policy, no notice was required, as claimed by the insurers.
LOD, Israel (IAI PR) — Israel Aerospace Industries (IAI) announced today it has entered an agreement with FIMI, the largest Private Equity fund in Israel (FIMI). Pursuant to the agreement, FIMI shall invest $40 million in ImageSat International (ISI) in exchange for 53.6% of ISI’s share equity.
The agreement further stipulates that ISI shall buy the new observation satellite ‘EROS C’ from IAI and at the transaction closing date, shall pay IAI $35 million to cover part of the outstanding shareholder’s loan. The transaction will allot preferred stock to FIMI with a distribution agreement between IAI and FIMI. The deal is pending approval by the Israeli Ministry of Defense and the Antitrust Authority.
KOUROU, French Guiana (Arianespace PR) — For the second time this year – and the 10th overall since entering service in 2012 – Vega has successfully launched a payload from the Spaceport, with this lightweight vehicle’s latest mission delivering the OPTSAT-3000 and Venµs Earth observation satellites to Sun-synchronous orbits.
Lifting off from the Spaceport’s SLV launch complex at precisely 10:58:33 p.m. French Guiana time on August 1, Vega lofted its multi-passenger payload during a flight sequence lasting 1 hour, 37 minutes. (more…)