The investment both brings Accion Systems’ valuation to $83.5 million and means that the New York-based investor has acquired a majority stake in the company.
The investment will support the company’s development of its Tiled Ionic Liquid Electrospray (TILE). It writes:
“This investment will support Accion Systems to develop the next generation TILE system and strengthen the supply chain and at-scale manufacturing of these MEMS systems, leveraging microfabrication processes optimized by the semiconductor industry.”
Accion Systems says it will be launching four TILE systems in 2021 and two more in early 2022.
“We are thankful for Tracker Capital’s trust and confidence in our team, technology, and business and their recognition of our TILE family of in-space thrusters as the future of in-space maneuverability,” said Accion Systems CEO Peter Kant.
“We are now poised to bring propulsion and other maneuverability capabilities to all classes of satellites and a wide range of missions. Ion electrospray provides a common, scalable, and modular propulsion system. We see TILE as the future propulsion system for all space missions. We are thrilled to partner with Tracker Capital and benefit from their resources to help us achieve our mission.”
Accion spacecraft propulsion
Accion Systems was founded in 2014 by MIT engineers Dr. Natalya Bailey and Louis Perna. It develops in-space propulsion technologies and its TILE flagship product uses proprietary electrospray thrusters.
This, says Accion, is “bringing electric propulsion to satellites of all sizes and redefining in-space capabilities for the 21st century”. It states that TILE can extend the value and lifetime of missions while enabling spacecraft to deorbit sustainably.
“By using an ionic liquid propellant and leveraging the microfabrication processes that fueled Moore’s Law, we can fit more thrust in smaller packages, and manufacture them at scale to accelerate the New Space revolution.”
Tracker Capital is described as a venture-focused investor. It was founded by Stephen Feinberg as an investment vehicle focused on early-stage investments.
Boeing HorizonX Ventures and Shasta Ventures are among previous backers of the company, Accion, which has won U.S. Department of Defense and NASA contracts.
See also: Satellite propulsion company Accion achieves funding boost