In the last two decades, significant technological advancements and global competitions have rapidly shaped the new space economy. Further, various organisations are commercialising space and space-related activities with private sector investments.
Based out of Forres, Orbex is a spaceflight company with staff members who have professional backgrounds with NASA, ESA, Ariane, and several commercial spaceflight organisations.
Raised £18 million
Recently, the Scottish company secured $24 million (approx £18 million) in a funding round led by BGF, the UK’s most active investment company, and Octopus Ventures, one of the largest VCs in Europe.
“This financing round 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,“ said Chris Larmour, Orbex CEO.
Roadmap to first launch
With this funding, BGF and Octopus Ventures joined existing investors High-Tech Gründerfonds, Heartcore Capital, and Elecnor S.A. The new investments secure the roadmap to the first launch from the Space Hub Sutherland spaceport in Scotland.
“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 recognized 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,” said Keith Barclay, Investor at BGF.
Orbex Prime rocket
Orbex will carry out the launch with its new Orbex Prime rocket, which uses bio-propane, a renewable biofuel that cuts CO2 emissions by 90% compared to traditional kerosene-based rocket fuels.
“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.
The rocket is designed to be recoverable and re-usable and leave no debris in the ocean or orbit around the Earth. Right now, the company is constructing the rocket vehicle at factories in Forres, near Inverness in Scotland, and Copenhagen in Denmark.
Six commercial satellite launch contracts
It’s worth mentioning that the UK company 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.
“We want the UK to be Europe’s leading destination for launching small satellites – driving economic growth in communities up and down the country,” said UK Science Minister Amanda Solloway.
First UK space company to win Horizon 2020 funding
The funding round is completed by a €2.5 million (approx £2.2 million) grant 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.
“This is great for Forres, Moray and the Highlands and marks further strong progress for Orbex,” said Scottish Minister for Trade, Investment and Innovation Ivan McKee. “Our aim is for Scotland to secure a £4 billion slice of the global space market by 2030 – an ambitious but realistic target. This investment will help Orbex take a significant step towards their goal of placing small satellites into orbit from Space Hub Sutherland, and help build an innovative new industry for Scotland’s economy.”
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