{"id":68651,"date":"2017-03-15T21:58:07","date_gmt":"2017-03-15T13:58:07","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/urthecast-raises-ca17-6-million-to-support-optisar-constellation\/"},"modified":"2017-03-15T21:58:07","modified_gmt":"2017-03-15T13:58:07","slug":"urthecast-raises-ca17-6-million-to-support-optisar-constellation","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/urthecast-raises-ca17-6-million-to-support-optisar-constellation\/","title":{"rendered":"UrtheCast Raises CA$17.6 Million to Support OptiSAR Constellation"},"content":{"rendered":"<\/p>\n<p><strong>UrtheCast<\/strong> announced that <strong>Innovation, Science and Economic Development Canada\u2019<\/strong>s Industrial Technologies Office will grant the company approximately&nbsp;CA$17.6 million ($13.08 million)&nbsp;in funding as part of its Strategic Aerospace &amp; Defense Initiative (SADI) program. This funding will provide financial support for the ongoing development of UrtheCast\u2019s planned constellation of Earth Observation (EO) satellites, known as the OptiSAR constellation.<\/p>\n<p>The planned 16-satellite OptiSAR constellation consists of eight X- and L-band Synthetic Aperture Radar (SAR) satellites and eight high-resolution optical satellites. The SADI funding will support the OptiSAR&nbsp;program during critical pre-commercial design and development work over the next four years.<\/p>\n<p>The SADI funding is structured as a repayable contribution that will be disbursed in quarterly installments through&nbsp;March 31, 2021&nbsp;or when the funding limit is reached, whenever is sooner, on a cost-reimbursement basis, and must be repaid by UrtheCast in annual installments over 15 years, beginning in 2023. UrtheCast expects to claim a reimbursement of approximately&nbsp;CA$3.2 million&nbsp;($2.3 million) for costs incurred between&nbsp;April 2016&nbsp;and&nbsp;February 2017, as permitted by the funding agreement.&nbsp;Disbursement of funds is subject to customary conditions in agreements of this nature, including covenants to perform certain work and maintain ownership of intellectual property in&nbsp;Canada&nbsp;during the term of the agreement, which expires in 2037. The total amount to be repaid, including interest, is approximately&nbsp;CA$29 million ($21.5 million).<\/p>\n<p>UrtheCast will be working with several academic institutions, such as the&nbsp;<strong>University of British Columbia&nbsp;<\/strong>and the&nbsp;<strong>University of Victoria,<\/strong> as well as several private sector partners, in the OptiSAR&nbsp;development program.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UrtheCast announced that Innovation, Science and Economic Development Canada\u2019s Industrial Technologies Office will grant the company approximately&nbsp;CA$17.6 million ($13.08 million)&nbsp;in funding as part of its Strategic Aerospace &amp; Defense Initiative (SADI) program. This funding will provide financial support for the ongoing development of UrtheCast\u2019s planned constellation of Earth Observation (EO) satellites, known as the OptiSAR [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":68652,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-68651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/68651"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=68651"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/68651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/68652"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=68651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=68651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=68651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}