Space Energy

Space Energy represented an ambitious attempt to commercialize the technology known as Space Based Solar Power (SBSP).

Created: 2023-02-18

Updated: 2024-02-24

Company - Space Energy

Founded
Country: 2008; Switzerland

Funding: $4M+

Website: Space Energy

Product/Service

Classification: Space Utilities

Category: Space Solar Power
Power Beaming

Fields: Space Solar Power

Status: Dormant

First launch: Dormant

Space Energy represented an ambitious attempt to commercialize the technology known as Space Based Solar Power (SBSP). It was incorporated in Switzerland in 2008 following two years of in-depth preparation and collaborative work with other companies in the same field. Start-up capital was half a million Swiss francs of co-founder’s funds.

By 2010 it had grown to have fully staffed offices and branches in five countries and was widely recognized as the global leader in bringing SBSP to reality. It also appeared in a multitude of press and media articles including The Sunday Times. The majority of funding came in the form of personal investment from Co-Founder Peter Sage. This totaled approximately $4m. This was also supported by funds from a number of private individuals.

During its years of operation, Space Energy accomplished many milestones and attracted some of the most talented and prestigious names in the field of energy, aerospace and commerce. ( Space Energy Team ). It also had tier one partners in all aspects of commercial business and compliance. ( Space Energy Partners )

In 2010, Space Energy successfully hosted the Sichuan Governments International Clean Energy Conference in China (Click here). This resulted in a purchase agreement to purchase the energy from Space Energy’s first commercial satellite, supported by a bilingual draft power purchase agreement prepared by Space Energy’s and the Chinese Government’s Lawyers.

Space Energy also branched into the terrestrial based solar market with a view to developing ground based solar in various countries including the U.S., India, Africa and the Middle East. (Click Here) This would enable the company to self-finance the large investment required in developing the SBSP low-earth orbit demonstrator and proof of concept. This resulted in a multimillion dollar offer from the global giant AES which Space Energy refused as it felt there was more profit in owning the project itself.
In addition, Space Energy set up a minerals division to broker the sale of yellow cake uranium from The Namibian Government to The Dong Feng Corporation of China as part of China’s nuclear power programme. ( Click Here ).

In late 2010, Space Energy’s ground based division suffered a setback days before it was due to complete its first major project. This was a result of the Euro crisis which caused their merchant bank, Natixis, to re-evaluate the project finance agreement. This led to a legal dispute in the U.S. and the subsequent and unfortunate closure of the Swiss & U.S. Division.

In Dec 2010 through to 2013, Space Energy continued to pursue ground and space-based projects with many milestones achieved. In an attempt to support cash-flow and protect investors, Space Energy also placed and sold various orders of IT equipment. These transactions were within the bounds of all agreements signed by Space Energy and were supported at various levels by the suppliers and buyers themselves.

In 2013, Space Energy secured its first Power Purchase Agreement (PPA) via its joint development partner, Swara, to build a 1MW plant in Rajasthan. ( Click here )

Shortly afterwards, the company suffered a major loss having been targeted by organized criminals who posed as legitimate buyers of one of the IT purchasing deals. This caused a debt to Space Energy of £1.8m. The main people responsible for perpetrating the fraud were Gary Massingham, Eddie Ellis, Paul Cummings, Mark Jones and Neil Percival.

Despite extensive personal efforts and substantial personal investment by Mr. Sage in the recovery of the debt, the company could not trade out of the loss and was eventually forced to cease trading.

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