Tracker Capital Management has acquired a controlling interest in Accion Systems, a Boston-based startup developing ionic liquid electrospray propulsion technology designed to power satellites and space vehicles.
Accion said Wednesday it has also closed on a $42 million Series C funding round that was led by a Tracker Capital affiliate and gave the in-space propulsion builder an $83.5 million valuation.
Peter Kant, CEO of Accion, said the company aims to bring its flagship TILE product and other space maneuverability platforms to all satellite classes and multiple space missions.
The TILE system is designed to use proprietary ion electrospray thrusters and less than 50 percent of the power required by some current propulsion technologies.
Accion expects to roll out four systems this year and two more early in 2022.
Stephen Feinberg, co-founder and co-CEO of Cerberus Capital Management, established Tracker Capital to primarily invest in technology companies.