Creotech Instruments to market own microsatellites within two years


The Management Board of Creotech Instruments S.A. called a General Meeting for 14 January 2022. At the meeting, shareholders will decide whether to approve the transfer of the company’s listing to the Warsaw Stock Exchange’s main market. The funds raised will position the company to complete key R&D projects (particularly those connected to the HyperSat microsatellite platform and the quantum computer and UAV solutions segments) and bring them to Technology Readiness Level 9 (TRL9), thus paving the way for their full commercialization. Creotech also plans to vastly expand its manufacturing capacity and double its sales capabilities, especially on foreign markets. The Management Board seeks to place Creotech’s first microsatellite in low Earth orbit in 2023.

On 10 December 2021, Creotech’s Instruments Management Board convened a General Meeting of Shareholders for 14 January 2022. At the meeting, shareholders will vote on increasing the share capital from PLN 158,623 to no less than PLN 168,357.20 and no more than PLN 198,279 by way of issue of no more than 396,558 series I shares with a nominal value of PLN 0.10. These will represent no more than 20% of the increased capital. The company anticipates that the issue will bring PLN 40-50m, half of which will be allocated to R&D in pending key projects. The balance will go towards increasing manufacturing and sales capacities. On 29 November, Creotech’s shareholders voted to admit and introduce series A, B, C, D, E, F, G and H ordinary bearer shares to trading on the regulated market operated by the Warsaw Stock Exchange.

“The pursuit of Creotech Instruments’ strategic plans for the coming years will allow us to consolidate our position as the leader of the Polish space sector and a leading European player. The successful issue of shares accompanying our debut on the NewConnect market served as a catalyst for our growth as we expanded our sales and manufacturing capacities. Most importantly, we achieved important milestones in key R&D projects, i.e. HyperSat, EagleEye, Impact and Grey. Our growth enabled us to secure new contracts, including with the European Space Agency and a number of other orders. As a result, in Q1 all of our assembly lines had to work at full speed to satisfy the demand,” says Grzegorz Brona, President of the Management Board of Creotech Instruments S.A. “We want to go a step further and raise enough funds to launch a wide-ranging commercialization effort of Creotech microsatellites on a market worth USD 11bn (based on Global Satellite Market Report, History and Forecast 2015-2026, MarketStudy) and break into the TOP8 microsatellite manufacturers in the world. What’s more, our ambition for the next 2-3 years is to become a leading provider of UAV solutions and a provider of integrated quantum computer control systems, as one of a handful of companies globally.”

Creotech will pursue the following goals by 2025:

  • Space: successful placement of an Earth-observation microsatellite in orbit as part of the EagleEye mission (achieving full space heritage) and reaching an advanced status of the PIAST mission commissioned by the Ministry of National Defense. During this period, the company plans to secure 10-20 microsatellite orders annually and aspires to become Central Europe’s primary provider of space technologies to the global market.
  • Earth atmosphere: Poland’s and Europe’s leading supplier of solutions for UAV mission risk analysis, planning and control, with an ambition to become the primary Polish supplier of UAV support products.
  • Earth: provider of complete systems for quantum computer control (as one of a handful of companies globally), time synchronization in telecommunications (including for 5G and 6G networks), as well as integration and offering of satellite data, both for the commercial market and EUSPA and EC purposes.

In Q4 2021, the company achieved the first of three milestones (completion of the Preliminary Design Review) in the EagleEye observation satellite development program, scheduled for launch to Earth orbit in 2023. The second major event was annexing the consortium agreement for the “PIAST, Polish ImAging SaTellites, optoelectronic image recognition nano-satellite constellation”  project, raising the company’s stake in the project from PLN 21.8 to 28.4m. Moreover, the company signed a contract with the European Space Agency (ESA), expanding the agreement for the operation of the CreoDIAS repository (cloud platform providing access to satellite data and services of the European Copernicus program). The contract’s value will range from EUR 0.5 to 2.2m, and its duration was extended to 2022. What is more, the University of Bern, Switzerland invited Creotech Instruments to take part in ESA’s next Comet Interceptor mission. The company will be tasked with designing and manufacturing components for one of the probe’s research instruments. With its launch planned for 2029, the probe will be placed in deep space to study the composition and properties of comets.

One of Creotech’s strategic projects is EagleEye microsatellite, scheduled for orbital launch in 2023. It will serve as a testbed for new Earth observation technologies. EagleEye is being developed based on the HyperSat solution, which can serve as a platform for constructing observation, telecommunications and scientific satellites weighing between 10 and 60 kilograms. The Earth observation data it will collect can be used in areas such as monitoring of critical infrastructure, oil resources, smart agriculture, and security.

“Our goal is to launch the EagleEye mission in 2023 as it will enable us to test the HyperSat solution and deliver a series of high-resolution Earth imagery. In 2024, we want to place further microsatellites in orbit. These will be developed in collaboration with the Military University of Technology within the framework of the PIAST project. The market prospects for the Space segment in our company are very encouraging and are further supported with equally promising opportunities in the UAV and quantum computing markets,” adds Grzegorz Brona.

The company currently offers 37 products intended for quantum computers, which allows it to provide comprehensive deliveries of such products to the market. Regarding the UAV segment, in the coming months, Creotech will launch commercial access to the GREy system (developed in collaboration with DroneRadar and WIZIPISI) designed to support drone operators in assessing the risk of flights planned in unknown terrain and beyond line of sight. In the following quarters, the company will also conduct testing of the Sample system dedicated to airports.

ico_newsletter Subscribe to receive latest news:
ico_newsletterThank You!

Ta strona korzysta z ciasteczek aby świadczyć usługi na najwyższym poziomie. Dalsze korzystanie ze strony oznacza, że zgadzasz się na ich użycie.