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Re: Elon Musk
Israeli firm will be compensated for launch pad explosion by IAI, SpaceX, but company’s future remains uncertain.
SpaceCom to recoup $173m, plus interest, for destroyed satellite (No Video - only screen shots))
_http://www.timesofisrael.com/spacecom-to-recoup-173m-plus-interest-for-destroyed-satellite/
The unmanned SpaceX Falcon 9 rocket exploded on the launchpad during a test in Florida on Thursday, destroying the Israeli-built and -owned Amos-6 satellite that Facebook planned to use to beam high-speed internet to sub-Saharan Africa.
The satellite’s owners, Space Communication, will receive over $173 million from IAI plus interest,
which provided insurance for the device, a company official said.
According to Space Communication, also known as SpaceCom, the total sum from IAI is “approximately $205 million.”
Under the insurance policy, IAI will have to pay the amount “in under 60 days,” a spokesperson for the quasi-governmental firm said.
In addition, the Israeli company said it expects to receive either $50 million from SpaceX or “have the launch of a future satellite carried out under the existing agreement and with the payments that have [already] been made.”
Additional insurers are expected to pay SpaceCom an additional $39 million, the company said in a statement Saturday night.
However, SpaceCom’s future is far from certain.
Since the SpaceX rocket, with the satellite on board, exploded on the launchpad in Cape Canaveral, Florida, the Israeli company’s stock has plummeted 45 percent.
The launchpad explosion could also jeopardize a pending deal for the sale of the private Israeli firm to China’s Xinwei group, reportedly worth $285 million and conditional on the satellite successfully entering service, the Israel Space Agency (ISA) said Friday.
“This is the second blow, ahead of the Chinese deal,” he said, recalling the blackout of the Amos-5 satellite, which like Amos-6 was owned and operated by Spacecom.
Communication with the Franco-Italian made Amos-5 was lost in November 2015, four years after it was launched from Kazakhstan.
“There is a major question about the launch and I very much hope that SpaceCom is strong enough to overcome these things and to order a new satellite,” ISA head Yitzchak Ben-Yisrael told Israeli radio on Friday.
“If it orders a new satellite, it will take between two and three years to fill the gap.”
IAI said the Amos-6 satellite was “the largest and most advanced communications satellite ever built in Israel.”
“Obviously, we are disappointed about this incident in the launch vehicle and are ready and willing to assist SpaceCom in any manner,” it said. “The communications satellite business is strategic for IAI and the State of Israel.”
The Israel Space Agency, part of the country’s Science, Technology and Space Ministry, said that “support for the space industry in Israel will continue with the aim of continuing at the forefront of technology.”
Israel’s Spacecom sale in jeopardy after SpaceX Falcon-9 explosion destroys Amos-6 payload
http://spacewatchme.com/2016/09/israels-spacecom-sale-jeopardy-spacex-falcon-9-explosion-destroys-amos-6-payload/
The Amos-6 satellite was due to be launched from Florida on the SpaceX Falcon-9 on Saturday, 3 September 2016. Once Amos-6 was successfully launched, it would have triggered the sale of Spacecom to Beijing Xinwei Technology Group for U.S.$285 million. With the destruction of Amos-6 the future of Spacecom is uncertain, and shares in the company fell by nine per-cent on the Tel Aviv stock exchange when news of the accident was announced.
The accident took place at Complex 40 of the Cape Canaveral Air Force Station during a static fire test of the Falcon-9 engines. The test was supposed to be a normal part of SpaceX’s pre-launch procedures, but an anomaly caused the rocket to explode taking the Amos-6 payload with it. At the time of writing this report SpaceX were still investigating the cause of the static fire test failure.
This Falcon-9 failure will likely have a severe impact on the global commercial satellite communications market as the Falcon-9 rocket was booked to launch at least eight satellites, not including Amos-6, through the end of 2016. With the 1 September 2016 accident, these launches shall now have to be postponed until the cause of the static fire test failure is identified and then fixed.
Among the other companies impacted by the Falcon-9 accident are SES, Iridium, KT Corporation, and Echostar.
As this report was filed there was no comment from Spacecom or from Beijing Xinwei Technology Group on the likely commercial consequences of the Falcon-9 accident.
Israeli firm will be compensated for launch pad explosion by IAI, SpaceX, but company’s future remains uncertain.
SpaceCom to recoup $173m, plus interest, for destroyed satellite (No Video - only screen shots))
_http://www.timesofisrael.com/spacecom-to-recoup-173m-plus-interest-for-destroyed-satellite/
The unmanned SpaceX Falcon 9 rocket exploded on the launchpad during a test in Florida on Thursday, destroying the Israeli-built and -owned Amos-6 satellite that Facebook planned to use to beam high-speed internet to sub-Saharan Africa.
The satellite’s owners, Space Communication, will receive over $173 million from IAI plus interest,
which provided insurance for the device, a company official said.
According to Space Communication, also known as SpaceCom, the total sum from IAI is “approximately $205 million.”
Under the insurance policy, IAI will have to pay the amount “in under 60 days,” a spokesperson for the quasi-governmental firm said.
In addition, the Israeli company said it expects to receive either $50 million from SpaceX or “have the launch of a future satellite carried out under the existing agreement and with the payments that have [already] been made.”
Additional insurers are expected to pay SpaceCom an additional $39 million, the company said in a statement Saturday night.
However, SpaceCom’s future is far from certain.
Since the SpaceX rocket, with the satellite on board, exploded on the launchpad in Cape Canaveral, Florida, the Israeli company’s stock has plummeted 45 percent.
The launchpad explosion could also jeopardize a pending deal for the sale of the private Israeli firm to China’s Xinwei group, reportedly worth $285 million and conditional on the satellite successfully entering service, the Israel Space Agency (ISA) said Friday.
“This is the second blow, ahead of the Chinese deal,” he said, recalling the blackout of the Amos-5 satellite, which like Amos-6 was owned and operated by Spacecom.
Communication with the Franco-Italian made Amos-5 was lost in November 2015, four years after it was launched from Kazakhstan.
“There is a major question about the launch and I very much hope that SpaceCom is strong enough to overcome these things and to order a new satellite,” ISA head Yitzchak Ben-Yisrael told Israeli radio on Friday.
“If it orders a new satellite, it will take between two and three years to fill the gap.”
IAI said the Amos-6 satellite was “the largest and most advanced communications satellite ever built in Israel.”
“Obviously, we are disappointed about this incident in the launch vehicle and are ready and willing to assist SpaceCom in any manner,” it said. “The communications satellite business is strategic for IAI and the State of Israel.”
The Israel Space Agency, part of the country’s Science, Technology and Space Ministry, said that “support for the space industry in Israel will continue with the aim of continuing at the forefront of technology.”
The sale of the Israeli commercial satellite communications company Spacecom to Chinese telecommunications company Beijing Xinwei Technology Group is now in jeopardy after Spacecom’s Amos-6 communications satellite was destroyed when a static engine test of a SpaceX Falcon-9 rocket went wrong at Cape Canaveral Air Force Station in Florida, United States, on 1 September 2016.
Israel’s Spacecom sale in jeopardy after SpaceX Falcon-9 explosion destroys Amos-6 payload
http://spacewatchme.com/2016/09/israels-spacecom-sale-jeopardy-spacex-falcon-9-explosion-destroys-amos-6-payload/
The Amos-6 satellite was due to be launched from Florida on the SpaceX Falcon-9 on Saturday, 3 September 2016. Once Amos-6 was successfully launched, it would have triggered the sale of Spacecom to Beijing Xinwei Technology Group for U.S.$285 million. With the destruction of Amos-6 the future of Spacecom is uncertain, and shares in the company fell by nine per-cent on the Tel Aviv stock exchange when news of the accident was announced.
The accident took place at Complex 40 of the Cape Canaveral Air Force Station during a static fire test of the Falcon-9 engines. The test was supposed to be a normal part of SpaceX’s pre-launch procedures, but an anomaly caused the rocket to explode taking the Amos-6 payload with it. At the time of writing this report SpaceX were still investigating the cause of the static fire test failure.
This Falcon-9 failure will likely have a severe impact on the global commercial satellite communications market as the Falcon-9 rocket was booked to launch at least eight satellites, not including Amos-6, through the end of 2016. With the 1 September 2016 accident, these launches shall now have to be postponed until the cause of the static fire test failure is identified and then fixed.
Among the other companies impacted by the Falcon-9 accident are SES, Iridium, KT Corporation, and Echostar.
As this report was filed there was no comment from Spacecom or from Beijing Xinwei Technology Group on the likely commercial consequences of the Falcon-9 accident.