STOCKHOLM, Sept. 27, 2017 /PRNewswire/ -- GomSpace Group AB ("GomSpace") and The Ministry of Economy in Luxembourg signed a Memorandum of Understanding (MoU) for their cooperation to develop, through a company in the Grand Duchy and 100% owned by GomSpace. The purpose is to create a Luxembourg based business unit with focus on operations of satellite constellations as well as data processing and distribution offered as a service to an international customer base, including a support center dedicated to regulatory affairs.
Within the framework of this MoU, the Ministry of the Economy will provide funding through the Luxembourg space program (LuxIMPULSE) and other types of R&D grants to the forthcoming subsidiary of GomSpace for research and development activities to take place in Luxembourg. By 2021, the company intends to employ up to 50 full time employees in the Grand Duchy.
Luxembourg Deputy Prime Minister and Minister of the Economy, Étienne Schneider, stated: "The implementation of GomSpace in Luxembourg will be widening the capabilities of the local expertise ecosystem, in particular in the nanosatellite segment. By choosing the Grand Duchy for their international expansion, GomSpace acknowledges the substantial efforts of the government over the last years to put in place the necessary measures to support the continued strengthening and diversification of its space sector, including but not limited to the SpaceResources.lu initiative."
Niels Buus CEO of GomSpace Group AB added: "With this initiative we will widen our participation in the value chain targeting full turn-key based solutions based on our nanosatellite technology. In Luxembourg we can find the human capital with experience in satellite operations and we expect that the eco-system being built up by the Luxembourg Government will provide a strong foundation for scaling our business and partnering with other local key players."
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About Gomspace Group AB
The Company's business operations are mainly conducted through the wholly-owned Danish subsidiary, GomSpace A/S, with operational office in Aalborg, Denmark. GomSpace is a space company with a mission to be engaged in the global market for space systems and services by introducing new products, i.e. components, platforms and systems based on innovation within professional nanosatellites. The Company is listed on the Nasdaq First North Premier exchange under the ticker GOMX. FNCA Sweden AB is the Company's Certified Adviser. For more information, please visit our website on www.gomspace.com.
This information is information that GomSpace is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, 14:40 CET on September 27, 2017.
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SOURCE GomSpace A/S