Announced by Department for Science, Innovation and Technology (DSIT) Secretary Peter Kyle at the 17th European Space Conference in Brussels, the investment supports Britain's goal of establishing a regular orbital launch capability from UK soil. By leveraging UK-manufactured rockets, the initiative aims to strengthen the country's space industry and attract global investment.
Orbex, the only UK-owned launch services provider, is developing both small and medium-sized space rockets. Initial launch operations are planned from SaxaVord Spaceport in Shetland.
The Rt Hon Peter Kyle MP, Secretary of State for Science, Innovation and Technology, stated: "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 GBP 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.
"Supporting Orbex's launch will also turbocharge the country's position in the space sector and inspire our next generation of space professionals, who will be able to design, test, build and launch British rockets, carrying British satellites, from British soil."
Orbex is currently conducting intensive testing of its Prime rocket, a 19-meter, two-stage vehicle designed to deliver small satellites into Low Earth Orbit. The additional funding will accelerate development, with the first launch anticipated by late 2025.
Phillip Chambers, CEO of Orbex, remarked: "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. We are entering the final preparations to deliver the most flexible and environmentally sustainable launch services to the global satellite industry. 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. These development goals are crucial to our longer-term development."
Alongside the UK Government, the Export and Investment Fund of Denmark (EIFO), Octopus Ventures, and private investor Sohaib Abbasi have also contributed to the Series D round, with the total funding currently standing at GBP 23 million.
Erik Balck Sorensen, CIO at EIFO, commented: "At EIFO we are thrilled to get the UK Government on board in our common effort to build European launch capacity in Scotland."
Simon King, Partner at Octopus Ventures, added: "From the moment we first backed Orbex in 2020, we knew they would go on to achieve amazing things - from their innovative rocket development to their market leadership of UK launch services. It's exciting to see the UK Government endorse the team's hard work through this incredible commitment to the UK space industry."
Sohaib Abbasi stated: "Orbex is pioneering the way as the first spaceflight company to launch from UK soil. With a skilled team at the helm, Orbex is poised to become a leader in Europe's expanding space launch services sector. Although it's still the early stages of this thrilling industry, the future looks incredibly promising."
Orbex currently holds two active patents across various European countries and the United States related to its rocket technology. The company is focused on sustainability, with its Prime rocket powered by bio-propane, a renewable bio-fuel that significantly cuts carbon emissions compared to other rockets of similar size.
Phillip Chambers concluded: "With testing underway and launch now in our sights, Orbex's Series D funding round remains open. We are actively speaking to investors for the second tranche of funding to be announced later this year and would encourage those wishing to be part of the journey to get in touch."
Related Links
Orbex
Rocket Science News at Space-Travel.Com
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