Orbex, the UK-headquartered developer of an orbital launch system, received $24m yesterday from investors including Elecnor, the energy and infrastructure group that owns aerospace and satellite technology provider Deimos Space.
BGF and Octopus Ventures co-led the round, which also featured High-Tech Gründerfonds (HTGF) and Heartcore Capital
Founded in 2015, Orbex is working on an environmentally sustainable launch vehicle that uses bio-propane instead of the kerosene-based fuels traditionally utilised in rocket launches. It has signed contracts for six launches, the first of which is set to take place in 2022.
Elecnor Deimos Space had joined HTGF, the UK and European Space Agencies, the European Commission’s Horizon 2020 scheme and Sunstone Technology Ventures to supply $39.6m for the company in mid-2018.
Chris Larmour, chief executive of Orbex, said: “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.”