ULTRASAT is a mini satellite developed by the Israel Space Agency (ISA) and NASA. This project was proposed in 2010 by the Weizmann Institute and Caltech together with ISA. It was intended to be smaller and cheaper than other space missions (~1m3, ~100kg and cost ~ $100M).
It will be launched in a (near) geostationary orbit in 2022.
The telescope will have a diameter of 54cm and will cover a short wavelength range, from 220nm to 280nm. ULTRASAT's science goals comprise the study of the Supernova Explosions, the search for electromagnetic emission from gravitational wave sources as well as the study of the mass and environment of Supermassive Black Holes and the detection of transient events.
A decision on funding the detailed design phase, Phase A, is expected around June 2017.