Orbex set for launch with £40m Series C funding

UK-based Orbex has developed Prime, a 19m long, two-stage rocket designed to transport small satellites weighing up to 180kg into low Earth orbit.

Orbex´s rocket will launch from the Space Hub Sutherland spaceport near Tongue on the North coast of mainland Scotland, which is expected to be the UK´s first operational spaceport. Orbex applied for a space launch licence from the UK´s Civil Aviation Authority in early 2022.

This latest funding round saw a renewed commitment from existing investors BGF, Heartcore Capital, High-Tech Gründerfonds and Octopus Ventures. New investors include the Scottish National Investment Bank, Jacobs, the Danish Green Future Fund, and Verve Ventures.

“With this Series C funding round, Orbex underpins its leadership in the European microlauncher market. Orbex has now reached all technical, commercial and financial requirements to launch in 2023,“ Yann Fiebig, principal, High-Tech Gründerfonds said in a statement.

The Prime rocket will be the first orbital rocket to be powered by a renewable bio-fuel, Calor’s Futuria Liquid Gas, a form of bio-propane that will help reduce the carbon footprint of space launches by up to 96 per cent compared with similarly-sized launch vehicles powered by fossil fuels.

Orbex is currently performing integration tests, including the testing of the main propellant tanks and engines, as well as testing launch procedures including rollout, strongback erection and fuelling procedures in advance of the first launch, which will carry a payload developed by Surrey Satellite Technology Limited.

Chris Larmour, CEO, Orbex, said: “Orbex has made significant progress to get to this point, with the invention of ground-breaking, innovative technology, the rapid development and testing of the launch vehicle, the expansion of our manufacturing footprint in the UK and Denmark, the creation of the UK´s first orbital spaceport in mainland Scotland, and the growth in customers from the UK, Europe and America signing up to launch dedicated payloads with Orbex.”