[SatNews] Clyde Space has secured a funding package worth 1 million pounds, including significant equity investment, to support the company’s growth.

The investment package was led by private equity firm Nevis Capital and includes funding from Coralinn LLP. Additional funding from Scottish Enterprise, the Science and Technology Facilities Council (STFC), the Technology Strategy Board and Regional Selective Assistance are included to support innovation and growth across all company activities. Clyde Space is widely regarded as one of the most innovative young companies in the UK and, in just five, years has become the largest indigenous space company in Scotland. The company has a global customer portfolio including the European Space Agency, several USA based customers in addition to other global customers in countries such as Turkey, South Africa, India, China, South America, Canada. The funding will support Clyde Space to expand its product range and capability offering and increase its global market share.

The success of Clyde Space comes from the company’s ability to produce high quality, high performance systems for very small spacecraft called ‘CubeSats’. One of the first commercial companies in the world to recognize the potential of CubeSats for space applications, Clyde Space has about 30 to 40 percent market share of the global CubeSat power market. Clyde Space are expanding their CubeSat capabilities with UKube-1, a 5kg satellite being developed and built in Glasgow by Clyde Space for the UK Space Agency and due for launch late 2011.