spacetoday.net: ORBCOMM raises $110 million

Posted: Thu, Jan 5, 2006, 6:45 AM ET (1145 GMT)
Satellite communications company ORBCOMM announced Wednesday that it has closed a $110-million round of financing that will allow the company to deploy a new generation of low Earth orbit satellites. The new round of financing was led by Pacific Corporate Group (PCG), which provided $60 million, with the remainder coming from several other private equity firms as well as German aerospace company OHB Technology. The company plans to use the money primarily to fund the development and launch of a new generation of satellites, replacing the 30 currently satellites that were launched between 1995 and 1999. ORBCOMM plans to sign contracts with vendors to begin development of those satellites early this year. ORBCOMM provides low-data-rate communications services, such as messaging and asset tracking. The company went through Chapter 11 bankruptcy protection and restructuring earlier this decade, and raised a smaller round of financing in 2004.