New York-based Innovative Rocket Technologies has entered into a $640 million partnership agreement with Saudi firm SpaceBelt KSA to provide launch vehicle integration, mission planning and propulsion system services.
According to a joint press release, the partnership will support up to 30 satellite launches over a five-year period. The satellites being launched are designed to create a space-based communications system that will serve Saudi Arabia and the Gulf Cooperation Council region.
In addition to launch support services, the iRocket-SpaceBelt partnership will conduct joint testing and satellite launches across the GCC region. The two companies aim to achieve the following objectives:
- Open opportunities for technology transfer and regional manufacturing
- Enhance space-based capabilities for national security and commercial applications
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Asad Malik, the founder and CEO of iRocket, described the space innovation initiative as strategic, highlighting the growing market demand for these services. “We believe that our multi-year agreement with SpaceBelt KSA reflects the global demand for securing economically viable and scalable space access as nations and corporations alike seek to strengthen their communication and surveillance capabilities,” he said.
SpaceBelt KSA CEO Cliff Beek also expressed optimism about the partnership, calling it a “significant step” toward the company’s goal of leading secure space operations.