AstroMagnetic Systems Limited was incorporated in 2022 to research, develop and market HTS Magnet products for use primarily in the space sector. It was born out of the previous collaboration between the three founding directors at Rocket Engineering Ltd in a variety of space technology projects, including initial research into HTS magnets.

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Astromagnetics' initial focus is to develop and sell a High Temperature Superconductor magnet system to stabilise the rotation of uncontrolled satellites and enable their safe capture and de-orbit.