Local space firm gets $500k boost
South Australian nanosatellite maker Inovor Technologies has been granted almost half a million dollars and linked with the largest private space company in Italy.
The company says it will use the $450,000 state government grant to develop its nanosatellites for sale to interested companies.
It has also secured a letter of intent signed from Italian company, SITAEL.
“It's a bit of funding to help us to get our current prototype satellites into production level space crafts,” Inovor chief Dr Matthew Telow said.
“This is great, super exciting, we were holding the brakes on it. We were plodding along slowly, but this injection of cash will ramp up our capabilities.
“So many people study aerospace engineering and have to go overseas for a job.
“This is now an opportunity the guys are going to come out of uni or back from overseas and build satellite technology in South Australia.”
Inovor makes miniature satellites or “CubeSats” that can be used to help carry a range of technologies into space, often costing up to $1 million each.
Dr Telow said the extra money would allow the firm to make all the parts themselves.
“We want to have control over the entire system so we have provide an assured platform that we know the ins and outs of,” he said.
Inovor expects to finalise its business structure with SITAEL in coming months.