LONGMONT, Colorado – July 10, 2024 – Source Energy Company, a manufacturer of satellite and spacecraft power systems, is pleased to announce it has been awarded an Early-Stage Capital and Retention grant through the Colorado Office of Economic Development and International Trade (OEDIT) Advanced Industries Accelerator program. This $250,000 in funding will accelerate the scale-up of Source’s Longmont, CO production facility, where Source manufactures affordable, reliable solar arrays that are ruggedized for the space environment.
“It is exciting to see the State of Colorado continue to support the local space community and to invest in the scaling of our space solar product line,” said Philip Keller, CEO of Source Energy Company. “We have proven, over our three years of operation, that we can quickly deliver reliable and cost-effective power solutions to our customers. This investment will help us scale and grow in Colorado to the unmet needs of the commercial space market.”
Source will use this grant to scale its solar module manufacturing line, which addresses a major gap in the current commercial market for space grade solar cell technology. Source has recently signed multiple commercial sales contracts and sees an increasing demand for its space power products. These products range in power from small fifteen-watt modules to large deployable arrays that exceed ten-kilowatts per spacecraft.
The Early-Stage Capital and Retention grant supports businesses commercializing innovative and disruptive technologies in advanced industries that will be created or manufactured in Colorado. These grants help promote the growth and sustainability of advanced industries across the state by driving innovation and commercialization that move this vital part of the Colorado economy forward.
“Across the state, companies are rethinking existing technologies and inventing new ones within the advanced industries sector. Their success will create good-paying jobs in Colorado and has the potential to change lives across the state and beyond. We are thrilled to be able to support their development and look forward to celebrating future accomplishments,” said Rama Haris, Advanced Industries Senior Manager at OEDIT.
Terrestrial solar is expecting more than $565B of investment by 2030. Source leverages advancements from this adjacent market to create space products (space solar panels, deployable solar arrays, PV modules, and PV blankets) for the rapidly expanding space market. After incorporating in Oct. 2021 Source established operations in northern Colorado, where the team has successfully built three generations of space rated PV Modules, culminating with flight heritage as Impulse Space’s primary power source on its successfully completed LEO-Express mission.
About Source Energy Company
Source designs and manufactures space solar panels, deployable solar arrays, PV modules, and PV blankets for satellites and spacecraft. Source has dramatically improved the reliability, cost, and the availability of solar power components for space. Our solar panels can be purchased today (in high-volume) and our products are flight proven, operating as the primary solar arrays for multiple satellites that are currently on-orbit. For more information, visit: www.source.space.
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About the Advanced Industries Accelerator Program
The Advanced Industries Accelerator Program was created in 2013 to promote growth and sustainability in Colorado’s advanced industries by driving innovation, accelerating commercialization, encouraging public-private partnerships, increasing access to early-stage capital and creating a strong infrastructure that increases the state’s capacity to be globally competitive. AIA encompasses five distinct grant programs: Proof of Concept, Early-Stage Capital and Retention, Collaborative Infrastructure, Export Accelerator, and Global Consultant Network.
About Colorado Office of Economic Development and International Trade
The Colorado Office of Economic Development and International Trade (OEDIT) works with partners to create a positive business climate that encourages dynamic economic development and sustainable job growth. Under the leadership of Governor Jared Polis, we strive to advance the State’s economy through financial and technical assistance that fosters local and regional economic development activities throughout Colorado. OEDIT offers a host of programs and services tailored to support business development at every level including business retention services, business relocation services, and business funding and incentives. Our office includes the Global Business Development division; Colorado Tourism Office; Colorado Outdoor Recreation Industry Office; Colorado Creative Industries; Business Financing & Incentives division; the Colorado Small Business Development Network; Colorado Office of Film, TV & Media; the Minority Business Office; Employee Ownership Office; and Rural Opportunity Office. Learn more at oedit.colorado.gov.
For further information please contact:
Jason Shin
Vice President of Avionics
Source Energy Company
Email: info@source.space
(720) 743-2340
