Kleos Space reports that the Luxembourg Space Agency (LSA) has approved an additional EUR euro 1,000,000 financial grant (non-equity) support for data product development.
Currently, the Grand Duchy of Luxembourg is home to approximately 50 space companies and research labs. The space sector's contribution to the nation's GDP is among the highest ratios in Europe.
The country's expertise in international finance and dedicated funding resources fosters the sustainable and ongoing development of the country's space capabilities.
With the funding support approval from the Luxembourg Space Agency, Kleos has entered the European Space Agency Business Applications programme process and aims to be on contract with initial funding receipts by the end of 2019.
The funding, conditional on successful launch of the Kleos Scouting Mission, will be applied towards further developing Kleos data products, enhancing capability and increasing revenues.
Andy Bowyer, CEO of Kleos Space said, "The Luxembourg Space Agency eco system is highly supportive of commercial enterprises, assisting with product development financing and also licencing."