Wed. Mar 22nd, 2023
SpaceX explosion: The owner of the Amos-6 satellite is demanding $ 50 million from Musk's company

SpaceX

SpaceX is facing a potentially large payout in the wake of last week’s launchpad explosion, after Israeli communications company Spacecom – which lost one of its satellites in the accident – demanded £37 million ($50 million) or a free flight from Elon Musk’s company.

The Falcon 9 rocket, which as part of Facebook’s Internet.org initiative was to deploy an Amos-6 satellite to provide wireless services to sub-Saharan Africa, was destroyed Thursday as it was being prepared for launch. The payload was estimated to be worth £150 million ($200 million), while the missile itself cost £45 million ($60 million).

Shares in Spacecom, which operates three other satellites, plummeted more than 40 percent in the aftermath of the explosion. Bosses have also suggested the company could pursue £153 million ($205 million) from Israel Aerospace Industries, which manufactured the satellite.

Musk’s SpaceX told Reuters in an email that it would not release contract or insurance terms. However, it has more than 70 missions planned for both commercial and government customers, worth an estimated £7.5 billion ($10 billion).

It is currently unclear whether a merger agreement between Spacecom and Chinese company Xinwei Technology Group will go through. The £213 million ($285 million) deal, signed last month, was contingent on the successful launch of the new satellite.

“We hope to continue fruitful communications with the potential buyer,” Spacecom General Counsel Gil Lotan told reporters. Xinwei, meanwhile, said it was in “close contact” with Spacecom about the future of the merger.

Frame image by SpaceX

By akfire1

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