Orbex gets £16.7m funding injection
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The space company that is developing and will operate Sutherland Spaceport, has received a significant funding investment, it has been announced.
Orbex said it had raised £16.7 million from a “group of six significant investors in an update to its Series C funding round”.
Funding rounds provide external investors with the opportunity to invest cash in a growing company. To date, the company has raised a total of £102 million.
The latest funding will help Orbex, which has a factory in Forres, ramp up the development of Prime, its 19-metre long, two-stage rocket designed to carry small satellites into low Earth orbit.
The company’s aim is to “ensure full readiness and scalability for its launch period”.
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 & Investment Fund of Denmark (EIFO) as well as corporate and angel investors.
Orbex chief executive Phillip Chambers, who joined the company in January, said: “Orbex is one of only two space rocket manufacturers in the UK, and the only one that also operates its own spaceport.
“Our technology is pivotal in making the UK a hub for European orbital launches, 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.
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“This additional funding will support our goal to push on into an operational launch phase and scale our business when the time comes.”
Nicola Douglas, Executive Director of Innovation at the Scottish National Investment Bank, said: “We have been particularly drawn to Orbex’s commitment to sustainability through its use of renewable biofuel and launch technology, all working towards the goal of carbon neutrality.
“The company’s approach aligns perfectly with our net zero and innovation missions. 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 insight, 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.
Construction of the Sutherland Spaceport, located on the A’Mhoine peninsula on the north coast, began in May last year.
Orbex is currently seeking planning permisson to relocate its antennae park from the spaceport site to the top of Ben Tongue, where is already telecom infrastructure.
