Space Applications Services has received €10 million as part of PMV’s new investment focus in defence, security and space.
PMV’s capital will go towards product development, helping the Zaventem-based business turn the technologies it's currently building for individual space and defence projects into products and services it can sell to many customers.
The first of these was unveiled in September, with plans to travel to the lunar south pole aboard Blue Origin’s Blue Moon MK1 lander. On the surface, the LUVMI-M rover will search for water ice and helium-3, study the lunar soil and record seismic activity. The mission is fully commercial; companies and researchers can subscribe to place instruments on the rover and use the data it collects. More missions are expected to iterate every two years after the initial landing.
The second draws on the same expertise. Space Applications Services uses the robotics, autonomous systems and mission-control software it developed for space in defence and security. This includes naval mine countermeasures and systems that coordinate several drones at once across air, land and sea while combining their data.
“We have ambitious plans, and this investment gives us additional firepower to further develop, commercialise and scale our technologies internationally,” explains Space Applications Services CEO Richard Aked.
This mix of space and defence work is what appealed to PMV, which is funding this “initial investment” from its own balance sheet after changing its policy as part of the Flemish government’s plan to mobilise up to €1 billion for strategic defence and dual-use companies.
“Space Applications Services combines deep technological expertise with clear international ambitions. Through this investment, we are supporting a local company active in areas that are becoming increasingly important for Europe’s strategic autonomy,” says PMV head of equity investments, Roald Borré.
PMV was advised by Cresco, with a team led by Glenn L’hoëst and made up of Bas Stobbelaar, Ward Verwaeren and Axel Desmet. PMV’s deal team included Peter Vos, Dany Vandevelde, Timon Terrens, Vincent Hebbelynck, Hendrik-Jan Van Der Gucht, Lieven De Jonge, Maxime Van Peel and Roald.
Coming soon: PMV’s dedicated defence fund
Meanwhile, PMV Fund Management is talking to potential partners and setting up a dedicated defence fund intended to invest in companies with sovereign technologies and capabilities relevant to defence, security, and space.
“Flanders is home to many technology companies that can play an important role in strengthening Europe’s defence capabilities… Through the defence fund, we want to help companies such as Space Applications Services grow, further develop their technologies and establish lasting roots in Flanders. This first investment makes that ambition tangible,” explains Flemish Minister-President Matthias Diependaele.
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