Space42 mulls funding round for satellite mapping project in Africa

Space42, the Abu Dhabi-backed satellite communications company, is considering a new fundraising push to expand its satellite mapping project in Africa.

While the financing is in early talks and no formal target for the amount it will seek to raise has been set, the Space42 initiative aims to provide detailed maps for all of Africa’s 54 countries that can be used for logistics, disaster response and urban planning, Bloomberg reports.

Working with Microsoft and U.S. mapping firm Esri, Space42 has said it expects to license the data it collects to governments, and later make it available to businesses.

Space42’s potential funding efforts involve discussions with the African Union Development Agency and other financial institutions active on the continent, according to Bloomberg. Among Space42’s shareholders are the Mubadala sovereign wealth fund, G42 tech company and International Holding Co.

In a related development, Space42 has secured a $696 million export credit facility from European banks, backed by French export insurer Bpifrance, to develop its Al Yah 4 and 5satellites with advanced, reconfigurable payloads, SpaceTech in Gulf reports. 

The satellites are scheduled for launch in 2027 and 2028 and are part of a 17-year UAE government contract costing $5.1 billion.

Editor’s Note: This story has been updated with additional details on Space42’s mapping project published by Bloomberg.