Orbital launch services company Orbex has announced a £20m direct investment from the UK government as part of a Series D fundraising round.
The company says the investment marks the first time that the UK government has invested into the UK’s ability to launch satellites into orbit.
It comes as the government vows to develop Britain’s mission to regularly launch into orbit from its shores using UK-manufactured rockets, supporting growth in its expanding space industry and attracting investment from across the globe.
Scotland-based Orbex is the only UK-owned launch services company in the UK.
It is developing both small and medium sized space rockets and initial launch operations will take place from SaxaVord Spaceport in Shetland.
“This first of a kind investment by the UK government demonstrates its confidence in the UK’s space rocket manufacturing and launch sector and is an exciting start to the opening of our Series D fundraising,” said CEO Phillip Chambers.
“This investment paves the way not only for us to launch our first rocket this year but also to develop a larger rocket to enable us to compete in the European Launcher Challenge.”
CEO sees ‘$50bn global opportunity’ after closing funding round
Technology Secretary Peter Kyle added: “Britain’s impressive toolkit of scientific talent, world class facilities, and unique geography means we stand ready to lead the charge and to work together with our international partners as a key part of the new space revolution in Europe.
“By investing £20 million in this rocket launch, we are not only helping the country to become a leading destination for small satellite launches in Europe but bringing highly skilled jobs and investment to communities and organisations across the UK, as part of our Plan for Change.”
The funding will also accelerate further development of Orbex’s Prime, a 19-metre long, two-stage rocket designed to transport small satellites into Low Earth Orbit.
Orbex expects to launch its first Prime rocket towards the end of 2025.
In addition to the UK government, the Export & Investment Fund of Denmark (EIFO), Octopus Ventures and private investor Sohaib Abbasi have also contributed to the thus-far £23m Series D round.
Careloop to move to £1.7bn Manchester innovation district after raising seed funding