Orbex Raises $24M for Reusable Rockets

Orbex, a company located in the United Kingdom, has successfully secured $24 million in a new funding round. This investment was spearheaded by BGF and Octopus Ventures, with further contributions from current investors including High-Tech Gründerfonds, Heartcore Capital, and Elecnor S.A. This capital injection will support Orbex in continuing its planned progress concerning the development and deployment of its launch vehicle, with initial commercial launches anticipated in 2022.

Orbex is preparing to initiate launches of its Orbex Prime rocket from the Space Hub Sutherland spaceport, a new facility located in Scotland. The company currently holds six confirmed launch contracts. The Prime rocket is designed as a small payload vehicle and distinguishes itself within the industry through its utilization of bio-propane as fuel. This renewable fuel source provides a 90% decrease in emissions compared to conventional kerosene-based fuels commonly used in liquid rockets. Furthermore, Orbex is dedicated to minimizing its environmental footprint through strategies like recoverability and reusability, and the Prime rocket’s construction is intended to prevent any post-launch debris from accumulating in Earth’s oceans or in orbital space.

The company is currently manufacturing its initial Prime rockets at facilities in both Scotland and Denmark, and extensively employs 3D-printing technology in the rocket production process. To date, Orbex has raised approximately $63 million in funding, including a previous round of around $39 million announced in 2018.