Scaling on all fronts: mu Space and its rapid growth
mu Space Corp ended 2021 by releasing the price of their latest satellite, the mu-B200, at $4 million. The mu Space satellite, built in-house from top to bottom, features a unique power system that can be further tailored to each client's demands. Apart from the rapid growth of production, mu Space has also been continuously expanding their workforce throughout the first quarter of 2022.
An important target for mu Space this year is the plans to continuously innovate and develop existing products. The company aims to scale up its production of satellites to 100 satellites a year, and has now introduced its high-powered Battery Pack to the Southeast Asian market, with plans to scale its production to one million battery cells this year. At this moment mu Space is in the phase of releasing its products, like the mu-B200 satellite, components and the Battery Pack, to the presale market. These products are all manufactured within the company's facility, Factory 1, which is now 100% operational and has the capability to produce satellite components, spacecraft parts, power systems and next generation batteries at a lab-scale.
A rapid increase in manufacturing is a reason for organizations to expand their workforce, mu Space has plans to grow its collection of products throughout 2022 and are looking to grow their staff to above 300 people, from the current number of 150 employees. The mu Space work ethos revolves around passion and knowledge, both of which are seen to be equally important to experience.
Apart from products and projects, expanding the business is another major part of mu Space in 2022. mu Space plans to expand to foreign markets like the United States and Australia, thereby mu Space will not only be able to grow its market presence globally, but the company will also have the opportunity to join forces with other aerospace manufacturers in these markets.
mu Space will continue to expand in order to accomplish its long-term goal, which is to create a supply-chain for the space industry in Southeast Asia, especially since recent numbers by Euroconsult have reported that 13,910 satellites are expected to launch in the next 10 years and the smallsat manufacturing industry will reach an estimated $35 Billion in valuation, which is a 205% increase from the previous decade valued at $11.5 Billion. The smallsat market will continue growing throughout the years, garnering new interest from investors both within the country and around the globe.
mu Space is backed by leading investors, including B.Grimm Joint Venture - Thailand’s private power generation industry, Majuven Fund and private business groups such as executives from the UCLA Foundation, among others.