Moray-based rocket firm Orbex has secured £16.7 million of investment to allow it to ‘ramp up’ development of its technology and construction site.
Six investors have come on board as Orbex’s progresses towards the UK mainland’s first vertical rocket launch and the completion of Sutherland spaceport.
Its Prime device is a 62ft rocket designed to launch small satellites into polar and “sun-synchronous” orbits.
In the first kind of orbit, the satellite passes above or nearly above Earth’s north and south poles on each revolution. In the second, they are always in the same “fixed” position, relative to the sun.
The cash injection is an update to its £40.4m Series C funding round completed in October 2022 and takes the total funds raised by the business to £102m.
Rocket development progressing
The company employs 120 people at its main facility in Forres and a further 50 in Copenhagen, and now has two active patents in a number of European countries 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.
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.
Mr Chambers, Orbex chief executive, said: “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.
“This additional funding will support our goal to push on into an operational launch phase and scale our business when the time comes.”
‘Unique potential’ offered by Orbex
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) and corporate and angel investors.
Nicola Douglas, Scottish National Investment Bank executive director of innovation, said: “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.”
With testing and launch now in its sights, Orbex said it will soon enter a new phase of growth with a Series D funding round.
Erik Balck Sørensen, EIFO chief investment officer, said: “Whereas the EU currently relies on the US or other foreign countries, Orbex can in the near future give the EU space launch capabilities again.”
A date has not yet been set for the launch.