News | Space spinout attracts major new investor
Space spinout attracts major new investor. March 20, 2007
>Orbital Optics Ltd, a spinout located on the Harwell Science and Innovation Campus in Oxfordshire, today announced a major new investment. Canadian-based MacDonald Dettwiler and Associates Ltd (MDA) has become the major shareholder with a controlling interest in the company. MDA is an international space and data systems company, most well known for the development of the robotic arm that is part of the International Space Station and the Space Shuttle, and also well known for developing data systems for the UK housing market.
Orbital Optics Ltd was formed in early 2006 as the second space science spin out from Rutherford Appleton Laboratory (RAL), based on the technology used to develop the high-resolution imaging camera developed for the TOPSAT satellite. The company develops and sells compact and affordable space cameras capable of producing high quality images.
Professor Richard Holdaway, Director Space Science and Technology at RAL, commented "We're very pleased with this investment and the opportunity to work closely with MDA in developing advanced space technology. The team at RAL are justifiably proud of the advanced camera technology we've developed, and it's great to see it taken forward in commercial applications"
Welcoming the partnership, Science and Innovation Minister Malcolm Wicks said: "This investment is good news. It's further evidence of how our commitment to science, and the Harwell Campus, is producing a real economic benefit for the UK."
Mr John Ellis MBE, OOL Chief Executive, 01235 445700, Email: john.ellis@mdacorporation.com
Natalie Bealing, Press and PR Manager, 01235 445484, Email: press@cclrc.ac.uk
Notes for editors
The Council for the Central Laboratory for the Research Council is one of eight UK research councils and is one of Europe’s largest multidisciplinary research organisation supporting scientists and engineers across the world. It operates world-class large scale research facilities, provides strategic advice to the government on their development and manages international research projects in support of a broad cross-section of the UK research community.
OOL was set up by CLIK Knowledge Transfer, the company established by CCLRC for the commercial development of intellectual property from Rutherford Appleton Laboratory and Daresbury Laboratory. CLIK has a team of 10 professionals who identify and manage patents and other intellectual property, set up licenses and new spin-out companies, and sell commercial services from the laboratories. Since setting up CLIK in 2002 eight new businesses have been established.
TOPSAT was successfully launched in October 2005, and the camera which is world-leading technology has operated flawlessly. OOL received first-round investment funding from the Rainbow seedcorn fund, and subsequent funding from private and individual investors.
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organisations worldwide. Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of earth and space based information solutions, ranging from complex operational systems, to tailored information services, to electronic information products. MDA employs more than 3,000 people in locations across the United States, the United Kingdom, and Canada.
Under the terms of the deal, MDA will become the majority shareholder in OOL and rename OOL as MDA Space Missions, and have the option to acquire all the remaining shares in two years. On exercising this option MDA will have completed the acquisition of OOL Ltd, and will own the company.
