Former Jane's Addiction/Porno For Pyros frontman Perry Farrell is finishing up work on the debut album from his new group, Satellite Party, which also features ex-Extreme guitarist Nuno Bettencourt. A

Former Jane's Addiction/Porno For Pyros frontman Perry Farrell is finishing up work on the debut album from his new group, Satellite Party, which also features ex-Extreme guitarist Nuno Bettencourt.

Farrell is eyeing a late summer release for the self-titled effort, which boasts guest appearances from Red Hot Chili Peppers bassist Flea and guitarist John Frusciante (on the track "Hard Life), Black Eyed Peas vocalist Fergie, New Order bassist Peter Hook and Farrell's wife, Etty.

"It's going to be a solid group with both female and male players," he tells Billboard.com, "and it's going to be very live and very powerful. But we want to add a nice, healthy dose of female energy into it, especially female voice, because it's wonderful for chorus. We're chock full of great, grand songs."

Farrell debuted the project at last summer's Lollapalooza in Chicago. During that show, he and Bettencourt were joined by No Doubt bassist Tony Kanal, who is no longer a member of the group. While mum on Kanal's replacement, Farrell says both Flea and Bettencourt played a lot of the bass on the album. Kevin Fig, a friend of Bettencourt's, is playing drums.

With a "major" new deal ("If we're a goal line, we're an inch from the goal line," Farrell says) in the works, the group's first single, "Dogstar," is being penciled in for release this summer. Satellite Party is also hoping to reappear at this summer's Lollapalooza, set for Aug. 4-6 in Chicago.

"It's going to be a little different version from what you saw if you were at Lollapalooza last year," he says. "It's a hybrid: We combine some rock elements and elements of choir and a big healthy dose of rock'n'roll. It is lush and beautiful and sexy and loaded with energy."

Meanwhile, Farrell says Warner Bros. catalog arm Rhino is working on a Jane's Addiction box set. The label is also prepping the DVD releases of his 1989 short film, "Soul Kiss," and his morbid controversial 1993 movie "Gift."