Seraphim Space Investment Trust PLC portfolio company recognised by

Seraphim Space Investment Trust PLC (LSE:SSIT) said its portfolio company, Astroscale, has been recognised by Prince Charles, the UK Space Agency and UK government for its services in removing and managing satellites and debris in orbit.

Japanese based Astroscale, a space debris maintenance and removal company, received US$12.5mln from Seraphim in a Series F funding round in November 2021.

Science minster George Freeman said that “everyone will be required to have satellite maintenance and servicing contracts to show they’re not dumping rubbish in space, and I think the UK could be a world leader in setting the standards.”

Seraphim chief executive Mark Boggett says the managing of space waste “will become imperative to ensure the industry remains safe and sustainable.”

Currently, there are estimated to be 30,000 pieces of satellite waste larger than 10cm orbiting around the Earth, with that number expected to rise as more satellites are launched into space over the coming years.

As well as removal services, Astroscale offer life extension services and ‘end-of-life’ services, which involve preparing a satellite before launch with a docking mechanism to make future removal easier.

Shares in Seraphim were up 13% in afternoon trading, changing hands at 109p.