We are excited to announce our investment in Accion Systems this morning alongside a syndicate of some of our favorite co-investors. This is our 2nd investment in a New Space company after we led the Series A round for Spire last spring.
Accion is commercializing a new ion-based propulsion system for spacecraft. We were introduced to co-founder and CEO, Natalya Brikner by our friends at Undercurrent, who share our passion for new space technologies.
Electric propulsion is the next big thing in small satellites. In order for cubesat constellations to achieve their maximum useful life, operators need to be able to manipulate the spacecraft beyond what is possible with simple reaction wheels. Propulsion systems that use combustible fuels are not allowed on the ride shares that cubesats depend on, so a new type of propulsion system is needed. There is also a lot of discussion in the industry about regulatory standards that would require a deorbit mechanism on cubesats (in part to deal with the space junk problem). The Accion Systems products are a logical solution.
The core technology has been under development at MIT for 10 years. It produces a tiny unit of thrust, about the size of a penny. While I am not a physicist, my layman’s understanding is that these engines convert a cheap, non-volatile plasma into streams of ions that can impart thrust. The Gen 1 products are sufficient to move a 3Kg Cubesat and extend its useful life. The Gen 2 systems should be able to impart considerably more thrust and will be useful for larger satellites. The systems are already being manufactured reliably and they have had hundreds of hours of ground tests. With nearly 1,000 cubesats being launched every year and considerable demand for propulsion for both large and small satellites, we think Accion has a terrific addressable market opportunity.
As much as we love the technology here, it was the team’s pragmatism about the company building process and their strong commercial instincts that really persuaded us. Natalya and her co-founder, Louis Perna, have given a lot of thought to how to build a strong, high performance culture that can last for the long term.
We are delighted to welcome Natalya, Louis, and the team at Accion Systems to the RRE portfolio and we look forward to working with them in the years ahead.
Will Porteous 