Space Company Orbex Secures £30M in Funding

Orbex, a London, UK-based spaceflight company which recently emerged from stealth mode, secured £30m ($39.6m) in public and private funding.

The company has received funding from venture capital funds Sunstone Capital and High-Tech Gründerfonds, as well as strategic investor Elecnor Deimos Space, private investors, the UK Space Agency (UKSA), the European Space Agency (ESA) and the European Commission Horizon 2020 programme.

The company will use the funds for the development of orbital space launch systems.

Led by Chris Larmour, CEO, Orbex is a spaceflight company which is constructing a lighter orbital launch vehicle, called Prime, to deliver small satellites into Earth’s orbit. Prime is a low-mass and low-carbon launcher, using a single renewable fuel, bio-propane, that cuts carbon emissions. The vehicle will launch satellites to altitudes up to 1,250km, inserting them into sun-synchronous or polar orbits.

The company, which has subsidiaries and production facilities in Denmark and Germany, will launch its orbital vehicles from the newly-announced UK Vertical Launch spaceport in Sutherland in the Scottish Highlands as part of the main consortium.

Orbex has already secured commercial engagements with major aerospace organisations. The European Space Agency has contracted Orbex to study the development of a European micro launcher solution.  Jean-Jacques Dordain, the former Director General of the European Space Agency has joined Orbex as Chairman of the Advisory Board.



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