Insider Brief:
- ExoTerra Resource has secured $8 million from LAGO Innovation Fund to ramp up the production of its innovative microsatellite solar electric propulsion systems.
- The microsatellite propulsion company has been expanding rapidly, having recently opened a second facility near its headquarters in Littleton, Colorado.
- This new 36,000-square-foot facility triples the company’s production capacity.
LAGO Innovation Fund has announced an $8 million investment in ExoTerra Resource, a leading company in the space technology sector. This funding will help ExoTerra ramp up the production of its innovative microsatellite solar electric propulsion systems. These systems include advanced Hall effect thrusters, power distribution units, propellant management systems, and solar arrays.
Heather La Freniere, Co-Founder and Managing Partner at LAGO, expressed her enthusiasm about the investment. “We seek companies that push boundaries and ExoTerra Resource is quickly proving to be a leader in Space Tech with their proprietary technology and innovations. We’re so pleased to work with this impressive team as they continue to grow and innovate their way into the future.”
ExoTerra has been expanding rapidly, having recently opened a second facility near its headquarters in Littleton, Colorado. This new 36,000-square-foot facility triples the company’s production capacity, enabling it to meet the rising demand for its microsatellite propulsion modules. The company aims to produce up to 32 modules per month in this new space.
Michael VanWoerkom, CEO of ExoTerra, discussed the impact of the investment. “Since our first successful demonstration of the Halo Hall effect thruster last year, we’ve seen a huge demand for our propulsion modules. We now have a backlog of over 200 modules to produce and this funding round from LAGO will allow us to add the assembly, test equipment and staff we need to increase output from 8 modules per month to 20 per month, and successfully deliver on customer commitments.”
