UK invests £20m in space company Orbex
The UK government has invested £20m in rocket company Orbex to boost the chances of a successful launch.
Orbex first announced its Series D round in April last year, and backing from the Export & Investment Fund of Denmark (EIFO), Octopus Ventures and private investor Sohaib Abbasi brings the series up to £23m. This follows the UK government buying a wafer fab in Durham last year that it regarded as key for the UK supply chain.
Orbex is the only UK-owned launch services company in the UK and is developing both small and medium sized space rockets. Initial launch operations will take place from SaxaVord Spaceport in Shetland, having moved from Sutherland on the Scottish mainland.
“With testing underway and launch now in our sights, Orbex’s Series D funding round remains open,” said Phillip Chambers, CEO of Orbex. “We are actively speaking to investors for the second tranche of funding to be announced later this year.”
“This investment paves the way not only for us to launch our first rocket this year but also to develop a larger rocket to enable us to compete in the European Launcher Challenge. These development goals are crucial to our longer-term development.”
The company has a deal with US spaceport operator Jacobs to manage the operations, and the funding will accelerate further development of Prime, a 19-metre long, two-stage rocket designed to transport small satellites into Low Earth Orbit. Orbex expects to launch its first Prime rocket towards the end of 2025.
European demand for satellites up to 2033 is forecast to be worth $50 billion, so even a 2% share of launches is worth $1bn ot the UK economy. Glasgow in Scotland is alsoone of the leading centres for small satellite design and assembly.
“By investing £20 million in this rocket launch, we are not only helping the country to become a leading destination for small satellite launches in Europe but bringing highly skilled jobs and investment to communities and organisations across the UK,” said Technology Secretary Peter Kyle
“Supporting Orbex’s launch will also turbocharge the country’s position in the space sector and inspire our next generation of space professionals, who will be able to design, test, build and launch British rockets, carrying British satellites, from British soil.”
“This first of a kind investment by the UK government demonstrates its confidence in the UK’s space rocket manufacturing and launch sector and is an exciting start to the opening of our Series D fundraising,” said Chambers.
“We are entering the final preparations to deliver the most flexible and environmentally sustainable launch services to the global satellite industry. This investment paves the way not only for us to launch our first rocket this year but also to develop a larger rocket to enable us to compete in the European Launcher Challenge. These development goals are crucial to our longer-term development.”
The rocket is also designed to be re-useable. Upon returning to Earth, what does not burn up harmlessly in the atmosphere will be recovered and components will be refurbished and reused in future projects.
www.orbex.space
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