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.