Orbex is a startup that develops small and medium -sized space rockets. The company uses a renewable propion called biopia to fuel.
Michal WACHUCIK | Agence France -Pressers via Getty image
The British government announced on Wednesday that the ORBEX investment in Scottish Space Flying Capital invested 20 million pounds ($ 24.8 million) in investment, which aims to compete with it Elon Musk’s SpaceX.
The company revealed the investment at the European Space Conference held by Brussels-part of the company’s large-scale funds raised.
ORBEX raised 23 million pounds for its latest fundraising. Other involved investors include Denmark exports and investment funds, octopus venture capital funds and former Informatica CEO Sohaib Abbasi.
The British government currently holds the shares of EUTELSAT OneWeb, which is composed of two companies merged in 2023. The government first reached a $ 1 billion rescue agreement with Indian Enterprise Group Bharti in 2020 to support OneWeb.
What is orbex?
Orbex is a startup that develops small and medium -sized space rockets. The company uses a renewable propion called biopia to fuel.
Its purpose was to launch its first rocket called Prime at the end of 2025. The 19 -meter -long Prime aims to transport small satellites to low earth orbit.
The government said its investment in ORBEX will help them regularly launch the British rockets made from British land.
British Minister of Science and Technology Peter Kyle said in a statement on Wednesday that supporting ORBEX will help “the country’s status in the space industry in the space industry.”
ORBEX CEO Phillip Chambers said that government investment “shows confidence in the manufacturing and launch department of British space rockets.”
“This investment not only paved the way we launch the first rocket this year, but also developed a larger rocket to enable us to participate in the European launcher challenge.”
He added: “These development goals are important for our long -term development.”
European SpaceX?
Orbex is not the only British startup (SpaceX). Another space company Skyrora told CNBC in November that its goal was to launch satellites from British land later this year.
German startup Rocket Factory Augsburg (RFA) also plans to launch 2025 in the UK.
OrBex, Skyrora and RFA are specializing in the so -called MicroLauncher rockets. They are usually much smaller than others and aim to carry lighter effective loads.
ORBEX blows its rocket into a more sustainable way to send small satellites into the track. A study by the University of Exite found that compared with the comparable space launch system using fossil fuels, the carbon emissions of its main rocket launch in a single launch were up to 96 % less.
RFA CEO STEFAN TWERASER said in a speech on CNBC’s “Squawk Box EUROPE” last week that, in view of the strategic significance of the industry, the ability to develop sovereignty in Europe is “very important”.
He said: “Despite the pockets deep in the United States, Europe’s regulatory framework and European competition positioning, successful business operations, and the degree of support for each satellite operator to support each satellite operator.”
