The board gave approval earlier this month to changes in the terms of Project ICE, which members had originally approved in January. Florida Today reports that Made in Space has confirmed it is the partner in the deal.
Made in Space believes it is possible to produce fiber optic cable in space that will have fewer impurities than similar cable produced on the ground. This technology would allow data transmission at a faster rate.
Project ICE includes a $1 million line of credit from Space Florida that will be secured by the manufacturing equipment that Made in Space is sending to ISS. The line of credit will be extended under the following terms:
- 40% upon execution of the line of credit agreement;
- 45% upon successful demonstration of the equipment’s production capability on the ground;
- 15% upon demonstration of the equipment’s production capability aboard ISS;
- interest rate based on market rate at time of execution; and,
- interest only debt service during the first 48 months followed by principle and interest thereafter.
The deal also includes $750,000 for the sale and leaseback of ground-based equipment from a third-party lender. This equipment is different from manufacturing technology that will be sent to the space station.
Made in Space will provide $1.785 million for the deal from profits from its own operations.