The Israel Space Agency (ISA), along with the Israel Innovation Authority (IIA), and the Innovation, Science and Technology Ministry, has approved a special grant worth $5.94 million that will be given to 11 Israeli companies developing innovative space technologies, reported CTech.
The 11 startups were selected based on their innovation, research-and-development (R&D) capabilities, and the advantage their products offer in comparison to those of competitors. They will also have between 20 percent to 50 percent of their R&D costs covered and will reimburse IIA for the funding through royalty payments they gain from the sales of their products.
“The global space industry is at an unprecedented stage of growth,” said newly appointed ISA director-general (res.) Uri Oron. “This program allows new Israeli players to enter this sector and leverages our technological abilities. It’s a tremendous economic growth engine.”
According to CTech, the program supports companies who “either design or develop satellites or ground stations that are used for command and control, and communication; instrumentation and equipment for calibrating space technologies, products for space systems; or processing and analyzing data from space.”
“The global space industry is going through a real revolution. … Israel has clear advantages in the space industry, but especially in the security domain,” said Orit Farkash-Hacohen, Israeli Minister of Innovation, Science and Technology. “This program will strengthen and promote 11 companies in the fields of satellite communications, rocket propulsion, sensors that will contribute to dealing with climate change, lunar mining and agriculture.”