Boeing has received its first commercial order for its 502 Phoenix small satellite platform from HySpecIQ, a hyperspectral information services start-up.
The aerospace giant will build two 502 satellites that will carry high-resolution hyperspectral…
Boeing has received its first commercial order for its 502 Phoenix small satellite platform from HySpecIQ, a hyperspectral information services start-up.
The aerospace giant will build two 502 satellites that will carry high-resolution hyperspectral imaging payloads, capable of collecting more than 200 spectral colours that can uncover diagnostic spectral patterns.
The technology can be used to generate data and value-added geospatial solutions for oil and gas, mining and environmental monitoring as well as defence, intelligence and civil markets.
Each satellite will weigh 600kg, have a lifespan of around 10 years, and operate from an altitude of 500km in a sun synchronous polar orbit.
Boeing expects the satellites will be available for launch in the first quarter of 2018. A launch service provider has yet to be selected.
Under the contract, Boeing will select the payload provider, with one SatelliteFinance source suggesting it is likely to be either satellite imaging system specialist Exelis or Raytheon, which has built hyperspectral payloads for the US Department of Defense.
Boeing will also supply the command and control operations, image processing and data storage as part of the agreement, and there is an option for the long-term operation and maintenance of the system.
HySpecIQ will separately develop the value added processing and dissemination architecture.
While the value of the agreement was not disclosed, it is understood that HySpecIQ had estimated the construction and integration of the two spacecraft would cost in the region of US$260m. The company ultimately aims to have a constellation of six hyperspectral satellites.
HySpecIQ was formed in 2013 by William Sullivan, a founding partner of defence technology focused private equity firm Torch Hill Investment Partners. The privately-held company has just completed its first funding round, with Boeing believed to have participated.
Torch Hill currently has investments in satellite companies Orbcomm and Artel, however, it is not believed to have a direct stake in HySpecIQ.
Another of the start-up’s founders and board members is Phil Freidman, a satellite industry veteran who is currently co-head of the aerospace and defence practice at Perella Weinberg.
Commenting on the satellite procurement agreement, Sullivan said: “Boeing demonstrated its confidence in HySpecIQ and the market for hyperspectral remote sensing analytics by entering into partnership as a data channel provider and signing the first data sales contract.
“Boeing offered an attractive and multi-dimensional package that includes assistance in selling services and attracting investors as well as access to Boeing’s government customer base. This demonstrates their commitment to meeting the needs of the government and commercial market.”
As part of the contract, Boeing has the exclusive sales and distribution rights of the hyperspectral imagery products to the US government intelligence community and select foreign customers. The deal is reminiscent of the one Boeing agreed with Inmarsat over the Global Xpress Ka-band constellation.
