Orbex has received £16.7m from six investors to ramp up the development of its Prime rocket to transport satellites into orbit
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A FORRES Enterprise Park-based company has secured nearly £17million to accelerate its project development.
Orbex has received £16.7m from six investors to ramp up the development of Prime, its 19-metre long, two-stage rocket designed to transport small satellites into Low Earth Orbit.
CEO Phillip Chambers confirmed the aim is to ensure full readiness and scalability for its launch period.
He said: "This additional funding will support our goal to push on into an operational launch phase and scale our business when the time comes.”
"Orbex is one of only two space rocket manufacturers in the UK and the only one to operate its own spaceport.
"Our technology is pivotal in making the UK a hub for European orbital launch, and we are entering a critical phase of development.
"We are building a sustainable, cost-effective launch vehicle to compete with the best of Europe’s spaceflight manufacturers."
Orbex now has two active patents in Europe and the United States covering various parts of its rocket technology. It is powered by a renewable biofuel, which allows the rocket to reduce carbon emissions significantly compared to other similarly sized rockets being developed elsewhere around the world.
Investors involved in the deal include £10.5m of follow-on investment from the Scottish National Investment Bank, venture capital firms Octopus Ventures, BGF, Heartcore, the Export and Investment Fund of Denmark (EIFO) and corporate and angel investors.
The funding injection comes after scale-up expert Phillip Chambers and former director general of the Spanish Space Agency Miguel Belló Mora joined to form a new leadership team in January.
The £16.7m Series C round takes the total funds raised by the business to £102million.
Executive director of Innovation at the Scottish National Investment Bank, Nicola Douglas, confirmed the bank recognises the unique potential the space industry offers for Scotland.
"We are perfectly placed to leverage our geographical location, vibrant business and innovation landscape, and our skilled workers to be one of the most significant global players in this growing industry.
“We have been particularly drawn to Orbex’s commitment to sustainability through its use of renewable biofuel and launch technology, working towards the goal of carbon neutrality.
"This follow-on investment comes at an exciting time as Orbex expands its manufacturing and looks to complete its Sutherland Spaceport this year."
With testing and launch now in its sights, Orbex will soon enter a new phase of growth with a Series D funding round, which will aim to secure its long-term prospects as the leading orbital launch business in Europe.
