Orbex raises investment for rocket ‘Ramp Up’ period

The funding will help Orbex ramp up the development of Prime, its 19-metre long, two-stage rocket for transporting small satellites into Low Earth Orbit, says the Forres-based company. The aim is to ensure full readiness for its launch period, with pre-launch testing already underway, it says.

“Orbex is one of only two space rocket manufacturers in the UK, and the only one to also operate its own spaceport, ” said Phillip Chambers, CEO of Orbex.

“Our technology is pivotal in making the UK a hub for European orbital launch, and we are entering a critical phase of development. We are building a sustainable, cost-effective launch vehicle to compete with the best of Europe’s spaceflight manufacturers. This additional funding will support our goal to push on into an operational launch phase, and scale our business when the time comes.”

The company will work out of the Sutherland spaceport, the first vertical launch spaceport to be built on the UK mainland. The commercial spaceport on the North coast of Scotland is expected to support around 250 new employment opportunities in the Highlands and Islands over the coming years, including 40 jobs in Sutherland and Caithness. Construnction begun in May last year.

The Scottish National Investment Bank, one of the investors, highlighted the sustainability aspects of Orbex’s plans:

“The Bank recognises the unique potential the space industry offers for Scotland,” said Nicola Douglas, Executive Director of Innovation at the Scottish National Investment Bank. “We are perfectly placed to leverage our geographical location, vibrant business and innovation landscape, and our skilled workers to be one of the most significant global players in this growing industry.”

“At the Bank, we have been particularly drawn to Orbex’s commitment to sustainability through its use of renewable biofuel and launch technology, all working towards the goal of carbon neutrality. Its approach perfectly aligns to our net zero and innovation missions. This follow-on investment comes at an exciting time as Orbex expands its manufacturing and looks to complete its Sutherland Spaceport this year.”

Other investors include venture capital firms Octopus Ventures, BGF, Heartcore, the Export & Investment Fund of Denmark (EIFO) and a number of corporate and angel investors.

No date is quoted for planned launches.

See also: Breaking ground on ground breaking Sutherland Spaceport