London-based Effective Space Solutions, which is developing the 770-lb. (350 kilograms) servicing craft, said that the time is ripe to help satellite operators slash costs and maintain order in increasingly cluttered Earth orbit. Speaking at the U.K. Space Conference in Manchester in early June, Effective Space Solutions Vice President Daniel Campbell said the privately funded company is confident it can meet the three-year timeline and is already seeing interest from satellite operators. [DARPA's Futuristic Satellite Servicing Plan in Images]

"We want to start with extending the life of satellites in the geostationary orbit," Campbell said, referring to the perch about 22,250 miles (35,780 kilometers) up where orbital velocity matches Earth's rotational velocity. At this point, spacecraft can hover over the same spot. "There are 450 such satellites, most of them commercial, and they are all designed for 15 years of service."