SWISSto12, a satellite and Radio Frequency product manufacturer, has announced the acquisition of a CHF 25 million (€26.15 million) working capital facility from UBS Switzerland AG. The facility, underwritten by SERV, the Swiss government’s export risk insurance, will provide SWISSto12 with flexible growth capital to meet the strong customer demand for its geostationary SmallSat platform, HummingSat.
Since its establishment in 2011, SWISSto12 has raised over €50 million in venture capital from prominent Swiss and European investors. The company has also secured over €30 million in support for its partnership project with the European Space Agency to design the first SmallSat for geostationary orbit, HummingSat.
SWISSto12 has already secured contracts for HummingSat, including deals with Intelsat and Viasat (formerly Inmarsat), as well as the European Space Agency. These contracts, along with the growing Radio Frequency products and subsystems business, have generated over €200 million in current back orders for the company.
The working capital facility from UBS will provide SWISSto12 with the necessary resources to manufacture and deliver its HummingSat satellites to meet the strong customer demand. HummingSat is a smaller and lower-cost alternative to conventional geostationary satellites, while still offering reliable telecommunications services in geostationary orbit.
With the support of UBS and SERV, SWISSto12 aims to reinvigorate the geostationary communications market and better connect and protect users worldwide.