The timber satellite has been built by researchers at Kyoto University and the logging company Sumitomo Forestry in order to test the idea of using biodegradable materials such as wood to see if they can act as environmentally friendly alternatives to the metals from which all satellites are currently constructed.
Lignin is a major protein in wood, so LignoSat or LignaSat would make sense. LigmaSat loses that relationship with wood. I think LignoSat is probably correct.
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