Orbex investment gives fresh boost to Sutherland spaceport plans
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The company behind planned rocket launches at the proposed Sutherland Space Hub has received a multimillion dollar investment.
Orbex has secured $24 million (£17.8 million) in a funding round led by BGF, the UK's most active investment company, and Octopus Ventures, one of the largest venture capitalists in Europe.
It says the cash boost secures its roadmap to the first launch from the spaceport, which is planned for 2022.
Keith Barclay, investor at BGF, said: “Orbex is an impressive UK company which is developing a strongly differentiated and innovative launch solution for the rapidly-growing small satellite market.
"In Europe, they are a recognised leader with an experienced team, substantial institutional support, a growing customer list and patented technology. The private space sector remains a key future industry for both Scottish and UK governments and we’re very excited to be backing one of the most compelling examples of this evolving sector.”
The Orbex Prime rocket has been designed to be recoverable and reusable, and is intended to leave no debris in the ocean or in orbit around the Earth. The company is constructing the rocket vehicle at factories in Forres and Copenhagen.
“Orbex is creating a highly innovative launch solution that is rapidly gaining market traction with very serious customers. We’re delighted to be part of the future of the company and are very excited about what they’re looking to achieve, including the first ever vertical launches from UK soil,” said Simon King, partner at Octopus Ventures.
Orbex has already confirmed six commercial satellite launch contracts, with the first launches expected in 2022. The company’s preferred launch site will be the Sutherland spaceport on the northernmost coast of Scotland, which was granted planning permission in mid-August 2020.
“This financing round is an important step forward for Orbex," said Chris Larmour, Orbex CEO. "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."
The funding round also received €2.5 million (£2.25 million) from the European Horizon 2020 SME Instrument programme – the first for a UK space-sector company – to support the development of patented coaxial tanking technology.
Orbex previously won £5.5 million in grant funding from the UK Space Agency’s Launch UK programme in 2018.
