Orbex Secures £16.7 Million Investment to Propel Rocket Development

Orbex Secures £16.7M Investment

Orbex, a British spaceflight company, recently announced a significant funding boost, receiving £16.7 million from a group of investors led by BGF. 

With this infusion, Orbex’s total raised capital stands at an impressive £102 million.

The primary objective of this financial injection is to accelerate the development of Orbex’s flagship product, the Prime Rocket. 

The Prime rocket is designed to transport small satellites into Low Earth Orbit and is poised to play a crucial role in the burgeoning space industry. 

The funding will fuel the ongoing efforts to ensure the rocket’s launch readiness and facilitate scalability during its operational phase.

A distinguishing feature of Orbex’s rocket technology is its commitment to sustainability. 

With two active patents covering various aspects of its rocket design, Orbex has set itself apart by utilizing renewable biofuel as the primary fuel. 

This innovation enables Orbex to significantly reduce carbon emissions, setting a new standard for environmentally conscious spaceflight operations.

The Scottish National Investment Bank, a key player in the UK’s investment landscape, spearheaded the funding round. 

Their decision to invest in Orbex is a strong vote of confidence in the company’s vision and capabilities. 

Alongside BGF, other prominent investors contributing to the funding include Octopus Ventures, Heartcore, the Export & Investment Fund of Denmark (EIFO), and several corporate and angel investors.

Orbex’s recent leadership restructuring, with the addition of industry veterans Phillip Chambers and Miguel Belló Mora, further underscores the company’s commitment to growth and innovation. 

Chambers, who participated as an investor in Orbex’s £40 million Series C funding round in 2022, brings invaluable expertise. 

Together with Belló Mora, formerly the Director General of the Spanish Space Agency, they form a formidable team poised to steer Orbex towards greater heights.

Commenting on the recent funding milestone, Orbex CEO Phillip Chambers emphasized the company’s pivotal role in shaping the UK’s space sector landscape. 

As one of only two space rocket manufacturers in the UK, Orbex is uniquely positioned to drive innovation and propel the nation into becoming a hub for European orbital launch operations. 

Chambers highlighted the importance of building a sustainable and cost-effective launch vehicle to compete effectively in the global spaceflight market.

Looking ahead, Orbex is gearing up for its next growth phase with a Series D funding round on the horizon. 

This strategic move aims to secure the company’s long-term viability as a leading player in Europe’s orbital launch arena.

With testing and launch operations on the horizon, Orbex is poised to solidify its position as a trailblazer in sustainable and innovative spaceflight technology.

With strong investor support and a talented leadership team, Orbex is well-positioned to realize its vision of revolutionizing the space industry and establishing itself as a dominant European orbital launch market player.

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