Orbex secures $24M in funding round for UK space launch

Orbex, the innovative European space launch company, has secured $24 million in a funding round led by BGF, the UK's most active investment company, and Octopus Ventures, one of the largest VCs in Europe.

BGF and Octopus Ventures have joined existing investors High-Tech Grunderfonds, Heartcore Capital and Elecnor S.A. - parent company of the multi-national space firm Deimos Space - in a new funding round for the orbital launch services company. The new investments secure the roadmap to the first launch from the Space Hub Sutherland spaceport in Scotland.

"Orbex is an impressive UK company which is developing a strongly differentiated and innovative launch solution for the rapidly-growing small satellite market. In Europe, they are a recognized leader with an experienced team, substantial institutional support, a growing customer list and patented technology. The private space sector remains a key future industry for both Scottish and UK governments and we're very excited to be backing one of the most compelling examples of this evolving sector," said Keith Barclay, Investor at BGF.

Conceived and developed as an environmentally sustainable launch system, the Orbex Prime rocket uniquely uses bio-propane, a renewable biofuel that cuts CO2 emissions by 90% compared to traditional kerosene-based rocket fuels. Designed to be recoverable and re-usable, Orbex Prime is intended to leave no debris in the ocean or in orbit around the Earth. The company is constructing the rocket vehicle at factories in Forres, near Inverness in Scotland, and Copenhagen in Denmark.

"Orbex is creating a highly innovative launch solution that is rapidly gaining market traction with very serious customers. We're delighted to be part of the future of the company and are very excited about what they're looking to achieve, including the first ever vertical launches from UK soil," said Simon King, Partner at Octopus Ventures.

Orbex has already confirmed six commercial satellite launch contracts, with the first launches expected in 2022. The company's preferred launch site will be the Sutherland spaceport on the northernmost coast of Scotland, which was granted planning permission in mid-August 2020.

"This financing round is an important step forward for Orbex. It helps us maintain our rapid pace and allows us to move forward with certainty towards our first launch from the Sutherland spaceport. With BGF and Octopus Ventures we have found significant strategic partners who recognise our vision, and who have the capability to support our development through both the early flights and into subsequent growth and production," said Chris Larmour, Orbex CEO.

"We want the UK to be Europe's leading destination for launching small satellites - driving economic growth in communities up and down the country," said UK Science Minister Amanda Solloway. "Companies like Orbex are playing a vital role in the UK's thriving commercial spaceflight market and today's funding reflects the confidence that investors have in Orbex, helping to bring small satellite launch from Sutherland one step closer."

The announcement by Orbex will bring significant new investment in high technology employment opportunities and large-scale production facilities in the Highlands region of Scotland, close to the launch site at the A'Mhoine peninsula in Sutherland. The A'Mhoine site was granted planning permission in August 2020 and is expected to begin construction in 2021.

"This is great for Forres, Moray and the Highlands and marks further strong progress for Orbex," said Scottish Minister for Trade, Investment and Innovation Ivan McKee.

"Our aim is for Scotland to secure a 4 billion pound slice of the global space market by 2030 - an ambitious but realistic target. The Scottish space sector has a unique selling point - using space as a force for good - designing lighter, more efficient rockets, developing clean burning and renewable fuel and using satellite data to combat climate change and promote scientific discovery.

"This investment will help Orbex take a significant step towards their goal of placing small satellites into orbit from Space Hub Sutherland, and help build an innovative new industry for Scotland's economy."

The funding round is completed by a 2.5 million euro grant from the European Horizon 2020 SME Instrument programme - the first for a UK space-sector company - to support the development of patented coaxial tanking technology. Orbex previously won 5.5 million pounds in grant funding from the UK Space Agency's Launch UK programme in 2018.

Related Links
Orbex
Rocket Science News at Space-Travel.Com

Tweet

Thanks for being there;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Monthly Supporter
$5+ Billed Monthly

paypal only

SpaceDaily Contributor
$5 Billed Once

credit card or paypal

Insulation for Ariane 6 launcher: Heat Protection against up to 1,500 degrees Celsius
Bern, Switzerland (SPX) Dec 10, 2020
In October RUAG Space, a leading supplier to the space industry, delivered a first flight model of the high-temperature insulation for the new European rocket Ariane 6. The insulation is being produced in the 2019 inaugurated new production floor in Berndorf, Austria, adjacent to the existing production facility. The new high-temperature insulation for Ariane 6 consists of ceramic felts and fabrics. It protects some components of the rocket engines of the launcher. "On its journey from earth to sp ... read more