Israeli firm to be compensated after SpaceX rocket destroys satellite

The Israeli company whose satellite was destroyed when the SpaceX rocket carrying it into orbit exploded is set to receive more than 200 million dollars in compensation, the firm said in a filing on Sunday.

SpaceCom's Amos 6 satellite was lost on Thursday when the SpaceX Falcon 9 rocket exploded on its launch pad in Florida during a test run.

Israel Aerospace Industries (IAI), which built the satellite, is on the hook for at least 173 million dollars in damages. When interest is included SpaceCom will receive 205 million dollars from IAI, according to SpaceCom's filing with the Tel Aviv Stock Exchange.

SpaceCom also plans to seek 50 million dollars from SpaceX, founded in 2002 by Tesla Motors' Elon Musk. In a statement Friday, SpaceX, which seeks to be the first to offer passenger flights into space, said that it had launched an investigation into the explosion. 

The satellite had been partially leased by Facebook for its Internet.org project to bring more Internet access to less developed countries. The destroyed device was meant for use over Africa. 

SpaceCom was scrambling Sunday to ensure an August 24 deal to be bought by China-based Xinwei went through after seeing its shares plummet following the explosion, according to media reports.

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SpaceX rocket explodes at Florida launch site

An unmanned SpaceX rocket exploded during a test fire on its launch pad Thursday in Cape Canaveral, Florida, the company said.

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Last update: Thu, 01/09/2016 - 22:13
Last update: Sun, 04/09/2016 - 16:09
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