Space Systems Loral (SSL) has signed a contract to develop Sweden-based Ovzon’s first geostationary orbit (GEO) satellite called Ovzon-3.

The deal is subject to Ovzon raising financing.

Ovzon is expected to invest around Skr1.5bn ($165.6m) to develop the Ovzon-3 satellite.

The investment includes manufacturing, launch, financing and insurance of the satellite, which will be equipped with a central on-board processor (OBP) attached to high-performance steerable beams.

The OBP has been developed by Ovzon and is currently being built by an unnamed third-party.

Once launched, Ovzon-3 will enable Ovzon to increase performance and expand the company’s current coverage area.

"The satellite will be a powerful future-proof tool to meet challenging communications requirements."

Construction of the satellite is scheduled to be completed in 2021. Ovzon expects to see the launch of the satellite no earlier than the fourth quarter of 2020.

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Ovzon CEO Per Wahlberg said: “In addition to the significantly increased performance and coverage areas, the satellite will also enable new functionality such as single hop communication between very small terminals and will be a powerful future-proof tool to meet challenging communications requirements.

“We now continue to strive to further revolutionise mobile broadband via satellite by offering the highest bandwidth through the smallest terminals.”

In October, Ovzon signed an agreement with SpaceX to put the Ovzon-3 satellite into space.

The deal is dependent on certain contingencies and mutual termination clauses.