{"id":232815,"date":"2024-02-02T05:15:47","date_gmt":"2024-02-02T10:15:47","guid":{"rendered":"https:\/\/spacenews.com\/?p=232815"},"modified":"2024-02-02T05:15:49","modified_gmt":"2024-02-02T10:15:49","slug":"shanghai-firm-behind-g60-megaconstellation-raises-943-million","status":"publish","type":"post","link":"https:\/\/spacenews.com\/shanghai-firm-behind-g60-megaconstellation-raises-943-million\/","title":{"rendered":"Shanghai firm behind G60 megaconstellation raises $943 million"},"content":{"rendered":"<p>HELSINKI \u2014 Shanghai Spacecom Satellite Technology has raised 6.7 billion yuan ($943 million) for the construction of its G60 low Earth orbit megaconstellation.<\/p><p>SSST recently secured the series A funding according to Feb. 1 news reports, citing a major investor. The round was led by a fund set up by the National Manufacturing Transformation and Upgrading Fund (NMTUF), Reuters <a href=\"https:\/\/www.reuters.com\/technology\/space\/shanghai-backed-firm-raises-933-mln-build-satellite-constellation-2024-02-01\/\">reported<\/a>.<\/p><p>Other investors included Shanghai Alliance Investment, a venture capital arm of the Shanghai Municipal Government, CASSTAR, a venture investment and incubator firm ultimately under the Chinese Academy of Sciences (CAS), Guosheng Capital, Hengxu Capital and CAS Capital, also under CAS.<\/p><p>The development comes as SSST prepares to begin construction of its 12,000-satellite strong \u201cG60\u201d constellation. An initial 108 satellites of a total of around 12,000 \u201cG60 Starlink\u201d satellites are to be launched across 2024.<\/p><p>SSST and CAS\u2019s Innovation Academy for Microsatellites (IAMCAS) established Shanghai Gesi Aerospace Technology (Genesat) in 2022 to set up satellite manufacturing facilities.<\/p><p>The <a href=\"https:\/\/spacenews.com\/first-satellite-for-chinese-g60-megaconstellation-rolls-off-assembly-line\/\">first flat-panel satellite<\/a> rolled off the assembly line at the G60 digital satellite production factory in Shanghai\u2019s Songjiang District in December 2023. Genesat recently raised funds through investment vehicles under both the Chinese Academy of Sciences and Shanghai government.<\/p><p>SSST is understood to be the Chinese side of the former Sino-German KLEO Connect constellation project. That Chinese-European joint venture ended in acrimony and ongoing lawsuits. Meanwhile U.S. technology firm <a href=\"https:\/\/spacenews.com\/terran-orbital-says-rivada-is-up-to-date-on-invoices-after-undisclosed-payment\/\">Rivada <\/a>is planning to use the frequencies previously allocated to KLEO Connect for its own constellation.<\/p><p>Documentation filed with the International Telecommunication Union (ITU) in April likely pertaining to the G60 Starlink project sets out plans for 36 polar orbital planes, each filled with 36 satellites, totaling 1,296 spacecraft. The satellites would operate in the Ku, Q and V bands.<\/p><p>The plans now have very strong financial and political backing. The Shanghai government plans announced in October to foster a <a href=\"https:\/\/spacenews.com\/shanghai-to-foster-commercial-space-ecosystem\/\">commercial space ecosystem by 2025<\/a>. The initiative aims to foster an end-to-end ecosystem encompassing satellites, launch vehicles, related applications and infrastructure.&nbsp;<\/p><p>Targets include building capacity for an annual output of 50 commercial rockets and 600 commercial satellites.&nbsp;<\/p><h2 class=\"wp-block-heading\" id=\"h-chinese-constellations-and-implications\">Chinese constellations and implications<\/h2><p>G60 Starlink is the second low Earth orbit communications megaconstellation, following the establishment of the China Satellite Network Group in 2021 to run the national 13,000-satellite <a href=\"https:\/\/spacenews.com\/the-coming-chinese-megaconstellation-revolution\/\">Guowang <\/a>(SatNet) project.<\/p><p>Furthermore, Chinese communications technology corporation Huawei has <a href=\"https:\/\/weibo.com\/6065432153\/Ntzl6iXkF\">stated <\/a>plans to build its own constellation, potentially using optical links, by 2030.<\/p><p>China\u2019s nascent megaconstellation projects promise opportunities for the country\u2019s commercial launch service providers, with a <a href=\"https:\/\/spacenews.com\/chinas-landspace-conducts-first-vtvl-test-for-reusable-stainless-steel-rocket\/#:~:text=A%20series%20of%20Chinese%20state%2Downed%20and%20commercial%20launch%20entities%20are%20currently%20developing%20reusable%20rockets.\">number of startups racing to develop large, reusable liquid propellant launch vehicles<\/a>.&nbsp;<\/p><p>CAS Space, again under CAS, is aiming to launch its Kinetica-2 rocket in 2025, while Landspace is working on a stainless steel methalox launcher named <a href=\"https:\/\/spacenews.com\/chinas-landspace-conducts-first-vtvl-test-for-reusable-stainless-steel-rocket\/\">Zhuque-3<\/a>. Space Pioneer is targeting June to launch its Falcon 9-class <a href=\"https:\/\/spacenews.com\/chinas-space-pioneer-raise-funding-for-its-falcon-9-class-rocket\/\">Tianlong-3<\/a> rocket.&nbsp;<\/p><p>New commercial launch pads at a <a href=\"https:\/\/spacenews.com\/china-completes-new-commercial-launch-pad-to-boost-access-to-space\/\">commercial spaceport on Hainan island<\/a> will soon begin hosting launches. These will help ease a bottleneck for launch startups.\u00a0<\/p><p>The initiative is one of a number to increase China\u2019s overall access to space and allow the construction of megaconstellations. State-owned CASC is also working to<a href=\"https:\/\/spacenews.com\/china-looks-to-long-march-8-rocket-to-help-launch-its-answer-to-starlink\/\"> increase the launch rate of its Long March 8<\/a> to boost overall launch frequency.<\/p><p>The planned communications megaconstellations, together with U.S. projects such as SpaceX\u2019s Starlink, promise enhanced global internet connectivity. These developments also bring geopolitical implications related to national security, surveillance, and technological dominance. They will also heighten issues of orbital space debris and satellite coordination.<\/p>","protected":false},"excerpt":{"rendered":"<p>Shanghai Spacecom Satellite Technology has raised 6.7 billion yuan ($943 million) for the construction of its G60 low Earth orbit megaconstellation.<\/p>\n","protected":false},"author":11006,"featured_media":113519,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"_jetpack_memberships_contains_paid_content":false,"mc4wp_mailchimp_campaign":[],"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"footnotes":""},"categories":[4148,4161],"tags":[3403,793,3901,4670],"newspack_spnsrs_tax":[],"coauthors":[3506],"class_list":["post-232815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-archive","category-news-archive","tag-cas-space","tag-china","tag-chinese-academy-of-sciences","tag-g60-starlink","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v23.9) - 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