(Bloomberg) -- Plan-S, the satellite and space technology unit of Turkey’s Kontrolmatik Enerji Ve Muhendislik AS, is launching an equity funding round that would value the company at $400 million.
The single-asset fund, offered by the investment arm of state-run Ziraat Bank, aims to raise as much as $40 million from institutional and individual investors in Turkey and abroad for Ankara-based Plan-S, Kontrolmatik Chairman Sami Aslanhan told Bloomberg in Istanbul on Monday.
Proceeds from the investment round, which is Plan-S’s first, will help fund research and development work and the expansion of the company’s satellite fleet from the current five test models in low-Earth orbit to 22 by July 2025 and over 200 by 2030, Aslanhan said.
Made in Turkey and launched by Elon Musk’s SpaceX, the satellites are used for Earth observation and to connect devices in the so-called Internet of Things.
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Aslanhan, who personally owns 44.5% of Plan-S in addition to Kontrolmatik’s 25% stake, expects the funding to close in September. Plan-S aims to list on Nasdaq in 2027-2028, he added.
Turkey announced a national space strategy in 2022 that includes training astronauts and developing its own spaceport by the end of the decade.
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