RCS - Seraphim Space I.T. - SpaceTech Sector Newsletter – September 2025

Seraphim Space Investment TrustAnnouncement

02/10/2025 07:00

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RNS Number : 7203B  Seraphim Space Investment Trust PLC  02 October 2025

SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")

SpaceTech Sector Newsletter - September 2025

Science fiction to science fact

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed
SpaceTech investment company, publishes its monthly RNS Reach newsletter to
provide updates, based on publicly available information, on the Company's
portfolio investments, its Manager (Seraphim Space Manager LLP (the "Manager"
or "Seraphim Space")) and the wider SpaceTech market. The following newsletter
covers September 2025.

Portfolio Update

Zeno Power signs multi-million-dollar agreement

Zeno Power, a developer of power systems for space and terrestrial
applications, signed a multi-million-dollar agreement with French nuclear fuel
manager Orano to acquire Americium-241 (nuclear waste). This
high-power-density isotope, with a half-life of over 400 years, can support
multiple missions annually and enable safe astronaut operations near power
sources. Zeno will use Americium-241 to power its compact nuclear batteries to
provide reliable energy for extreme environments, meeting growing demand for
long-duration and deep-space power. [Read more
(https://payloadspace.com/zeno-power-signs-deal-for-material-to-scale-nuclear-space-power/?utm_source=chatgpt.com)
]

ICEYE secures $168m Finnish Defence Forces contract and launches deployable
ISR system

ICEYE, operator of the world's largest commercial Synthetic Aperture Radar
(SAR) constellation, announced two major milestones.

Following the letter of intent signed in June 2025, ICEYE signed a $168m deal
with the Finnish Defence Forces for SAR satellites and supporting systems,
providing sovereign, all-weather, day-and-night surveillance capability. [Read
more
(https://www.iceye.com/newsroom/press-releases/iceye-signs-satellite-acquisition-agreement-with-the-finnish-defence-forces)
]

ICEYE also unveiled a deployable 20-foot military-grade 'ISR Cell' that allows
frontline units to task satellites, downlink imagery and run AI analytics
on-site, reducing intelligence cycles from hours to minutes. Deliveries are
expected from early 2026. This innovation reinforce ICEYE's leadership in
dual-use SpaceTech and its potential for continued revenue growth. [Read more
(https://ukdefencejournal.org.uk/iceye-puts-tactical-space-intel-in-a-deployable-box/?utm_source=chatgpt.com)
]

HawkEye 360 brings new satellite cluster into full service

HawkEye 360's three Cluster 12 satellites, launched in June 2025, are now
fully operational, enhancing signals intelligence, maritime tracking and
interference detection for defence and commercial clients worldwide.
Development of Cluster 13 is underway, with further clusters already ordered,
reinforcing HawkEye 360's market leadership and growth potential. [Read more
(http://satellitetoday.com/government-military/2025/09/17/hawkeye-360-cluster-12-satellites-reach-full-operational-capability/)
]

Voyager Technologies advances orbital infrastructure with Starlab and Space
Edge

Voyager continues to expand its leadership in orbital infrastructure.

The company selected Vivace Corp. to manufacture the main structure of
Starlab, a commercial successor to the International Space Station (ISS), with
production at NASA's Michoud Assembly Facility. [Read more
(https://payloadspace.com/voyager-selects-vivace-to-manufacture-starlab/?utm_source=chatgpt.com)
].

Starlab's large design allows continuous crew operations from day one,
supported by $217.5m in NASA development funding. Voyager also deployed Space
Edge, a hardened cloud computing system on the ISS, creating the first
multi-cloud region in orbit. Space Edge enables data processing up to 30 times
faster than traditional satellite-to-ground systems, supporting defence, civil
and commercial missions requiring secure, real-time decision-making. [Read
more
(https://www.datacenterdynamics.com/en/news/voyager-technologies-deploys-cloud-technology-at-international-space-station/?utm_source=chatgpt.com)
]

Skylo Technologies and Garmin bring satellite messaging to new smartwatches

Skylo expanded its partnership with Garmin to integrate direct-to-satellite
messaging and SOS capability into the fēnix® 8 Pro multisport smartwatches.
Users can send and receive texts or GPS coordinates without a smartphone, even
outside cellular coverage. Supported by Garmin's 24/7 emergency response
network, the service is available in the non-contiguous US, Canada and Europe.
Skylo's standards-based network enables satellite connectivity at scale for
consumer wearables. [Read more
(https://iotbusinessnews.com/2025/09/05/skylo-expands-collaboration-with-garmin-to-bring-satellite-connectivity-to-new-fenix8-pro-smartwatches/?utm_source=chatgpt.com)
]

Spire Global wins $11.2m NOAA contract for satellite weather data

Spire was awarded a $11.2m contract by the US National Oceanic and Atmospheric
Administration (NOAA) to provide satellite-based weather data from September
2025 to September 2026. Using Global Navigation Satellite System Radio
Occultation (GNSS-RO) signals from GPS satellites, Spire delivers atmospheric
pressure, humidity and temperature measurements that feed US and international
weather models. This data supports improved forecasts and strengthens climate
resilience. [Read more
(https://spire.com/press-release/spire-global-awarded-11-1-million-noaa-contract-for-satellite-weather-data/)
]

SpaceTech Sector News

Germany announces €35bn military space investment

Germany will invest €35bn ($41bn) in space-related defence projects by 2030,
strengthening its technological independence and protection of orbital assets.
The program includes hardened satellite systems, improved orbital
surveillance, 'guardian satellites' and a dedicated military satellite
operations centre. Defence Minister Boris Pistorius highlighted growing
threats from Russia and China, citing satellite tracking incidents and
cyberattacks, and signalled a shift toward developing offensive capabilities
to ensure credible deterrence. The move underscores Europe's focus on dual-use
SpaceTech and resilient space infrastructure. [Read more]
(https://www.defensenews.com/global/europe/2025/09/25/germany-unveils-40bn-military-space-investment-citing-new-threats/)

Space start-ups target NATO defence budgets

Commercial space companies are competing for contracts as NATO allies increase
defence spending, with budgets potentially rising by trillions by 2035.
Governments from the US to Germany are relying more on commercial space
services, while firms like Planet Labs, ICEYE and SpaceX's Starshield offer
intelligence and satellite solutions as faster, lower-cost alternatives to
traditional aerospace primes. [Read more
(https://www.ft.com/content/22c249e3-e249-4635-bb85-8668ecba61de) ]

US and UK sign Technology Prosperity Deal MOU

The US and UK have signed a memorandum of understanding to deepen cooperation
in frontier technologies. The Technology Prosperity Deal covers joint research
programmes, AI infrastructure, space-related AI applications, advanced nuclear
fuels and quantum standards. It also includes collaboration on secure
telecoms, 6G development and research security. A ministerial-level working
group will be established within six months to oversee progress. [Read more
(https://www.gov.uk/government/news/memorandum-of-understanding-between-the-government-of-the-united-states-of-america-and-the-government-of-the-united-kingdom-of-great-britain-and-north)
]

UK defence fund set to boost space sector innovation

The UK government has launched a five-year, £250m ($289m) fund under its
defence industrial strategy, targeting regions including Plymouth, South
Yorkshire, Wales, Scotland and Northern Ireland. While not all funding is
space-focused, the Ministry of Defence is increasingly engaging directly with
commercial space firms to drive sovereign capability and dual-use innovation.
The initiative signals stronger alignment between civil, commercial and
defence priorities and is expected to catalyse further private investment.
[Read more
(https://payloadspace.com/uks-defense-investment-is-headed-to-the-space-sector/)
]

SpaceX buys wireless spectrum from EchoStar in $17bn deal

SpaceX is purchasing wireless spectrum licenses from EchoStar for $17bn to
expand its Starlink direct-to-cell service, including access for Boost Mobile
customers. The deal, supported by upgraded Starship-launched satellites, is
expected to increase network capacity by 100x, strengthening SpaceX's
leadership in global broadband and the commercial convergence of satellite and
terrestrial connectivity.  [Read more
(https://www.reuters.com/business/media-telecom/spacex-buys-wireless-spectrum-echostar-17-billion-deal-2025-09-08/)
]

Media

Interview

·           Seraphim Space, ICEYE, and HawkEye 360 CEOs on
defence-driven demand: At World Space Business Week, Via Satellite editor Mark
Holmes spoke with Seraphim Space CEO Mark Boggett, ICEYE CEO Rafal Modrzewski
and HawkEye 360 CEO John Serafini about how rising defence needs are reshaping
the space sector. The discussion explored NATO's investment commitments,
investor opportunities in Europe and how the war in Ukraine has accelerated
demand for satellite capabilities. [Watch here
(https://www.satellitetoday.com/partner-content/2025/09/23/seraphim-space-iceye-and-hawkeye-360-ceos-unpack-defense-trends-for-space/)
]

Podcast

·           Will Whitehorn on 'The Future of Space' podcast: SSIT
Chair Will Whitehorn OBE joined Daniel Fox on 'The Future of Space' podcast.
In a candid conversation, he reflected on the human story of space
exploration, the incentives of climate change and the future of commercial
spaceflight. Whitehorn, awarded an OBE in 2025 for services to the aerospace
and space industry, also shared lessons from his career at the frontier of
innovation. [Listen here (https://www.youtube.com/watch?v=h-5SGm35Blw) ]

Conferences

·    Annual Investment Funds Conference: Seraphim Space CEO Mark Boggett
will be speaking on 3 October 2025. [Find out more]
(https://www.lsegissuerservices.com/spark-insights/upk6LPLt3GzQKSHbbvs9U1/annual-investment-funds-conference-2025)

·
(https://www.lsegissuerservices.com/spark-insights/upk6LPLt3GzQKSHbbvs9U1/annual-investment-funds-conference-2025)
San Francisco Tech Week: The Seraphim Space team will be attending from 6
October 2025. [Find out more] (https://www.tech-week.com/)

·      (https://www.tech-week.com/) LA Tech Week: The Seraphim Space
team will be attending from 13 October 2025. [Find out more
(https://www.tech-week.com/calendar/la) ]

Find out where to meet and hear from Seraphim Space's team by following its
social media, LinkedIn (https://www.linkedin.com/company/seraphim-space/) /
Twitter (https://twitter.com/seraphim_space?lang=en) .

Sign up to receive Seraphim Space's monthly newsletter directly to your inbox.
[Sign up]
(https://seraphim.us16.list-manage.com/subscribe?u=e0d06c32336837b2b89cf44ae&id=68130aa2bb)

Neither the Company's website nor the content of any website accessible from
hyperlinks in it or in this newsletter (or any other website) is (or is deemed
to be) incorporated into, or forms (or is deemed to form) part of, this
newsletter.

- Ends -

Media Enquiries

 Seraphim Space Manager LLP (via SEC Newgate)
 Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough
 SEC Newgate (Communications advisers)                     seraphim@secnewgate.co.uk (mailto:seraphim@secnewgate.co.uk)
 Clotilde Gros / George Esmond / Harry Handyside           +44 (0) 20 3757 6767
 Deutsche Numis
 Mark Hankinson / Nathan Brown / Vicki Paine               +44 (0) 20 7545 8000
 J.P. Morgan Cazenove
 William Simmonds / Jérémie Birnbaum / Rupert Budge        +44 (0) 20 7742 4000
 Ocorian Administration (UK) Limited                       seraphimteam@ocorian.com
 Lorna Zimny                                               +44 (0) 28 9078 5880

Notes to Editors

About Seraphim Space Investment Trust plc

Seraphim Space Investment Trust plc (the "Company") is the world's first
listed fund focused on SpaceTech. The Company seeks exposure predominantly to
early and growth stage private financed SpaceTech businesses that have the
potential to dominate globally and that are sector leaders with first mover
advantages in areas such as climate, communications, mobility and cyber
security.

The Company is listed on the Main Market of the London Stock Exchange.

Further information is available at: https://investors.seraphim.vc
(https://investors.seraphim.vc) .

About Seraphim Space Manager LLP

Seraphim Space Manager LLP ("Seraphim Space" or the "Manager") is based in the
UK and manages Seraphim Space Investment Trust plc and Seraphim Space Ventures
II LP.

Further information is available at www.seraphim.vc (http://www.seraphim.vc) .

About Seraphim Space Accelerator Ltd

Seraphim Space Accelerator Ltd, an affiliate of Seraphim Space Manager LLP
based in the UK, established the Seraphim Space Accelerator in 2018 and has
developed it to become the world-leading VC-led accelerator with a focus on
SpaceTech. The accelerator programme brings in-depth industry expertise to get
Seed and Pre-Series A SpaceTech companies "investment ready" while
facilitating relationships with some of the world's leading Space corporates
and agencies.

Further information is available at www.seraphim.vc (http://www.seraphim.vc) .

About Generation Space LLC

Generation Space LLC is the US subsidiary of Seraphim Space Manager LLP and is
responsible for its US activities. Generation Space LLC is an affiliate of
Seraphim Space Camp Accelerator Ltd and is responsible for delivery of the US
Generation Space Accelerator.

Further information is available at www.generation.space
(http://www.generation.space) .

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