SpaceCom will be paid $173m in Compensation for Amos-6

IAI and SpaceX will compensate the Israeli company for the launchpad explosion in Florida last week

Israel’s Aerospace Industries will compensate a communications company whose satellite was destroyed in the rocket explosion last week, reported The Times of Israel. The unmanned SpaceX Falcon 9 rocket exploded on the launchpad during a test in Florida on Thursday, destroying the Israeli-built and -owned Amos-6 satellite.

The satellite’s owners, Space Communication, will receive over $173 million from IAI plus interest, which provided insurance for the device, a company official said. According to Space Communication, also known as SpaceCom, the total sum from IAI is “approximately $205 million.” Under the insurance policy, IAI will have to pay the amount “in under 60 days,” said the report.

In addition, the Israeli company said it expects to receive either $50 million from SpaceX or “have the launch of a future satellite carried out under the existing agreement and with the payments that have [already] been made.” Additional insurers are expected to pay SpaceCom an additional $39 million.

The Israel Space Agency, part of the country’s Science, Technology and Space Ministry, said that “support for the space industry in Israel will continue with the aim of continuing at the forefront of technology.”