Orbex, the British start-up that has developed Europe’s first microsatellite launch rocket, said it had raised £40.4 million in a Series C funding round, led by a new investor, the National Investment Bank of Scotland.

The new funding round will allow the company to expand its resources as the countdown to the first vertical launch from UK soil progresses, as well as unlock additional funding to support future projects.

Orbex recently revealed the “Prime” rocket in its final form, making it the first fully-fledged orbital microlauncher to launch in Europe. Prime is a 19-meter-long two-stage rocket designed to carry small satellites weighing up to 180 kg into low-Earth orbit.

Prime will also be the world’s first biofuel-powered orbital rocket. It will be fueled by liquefied petroleum gas Futuria de Calor, a form of biopropane that will help reduce the space launch’s carbon footprint by up to 96% compared to similarly sized fossil fuel-powered launch vehicles.

The sustainability credentials extend to the company’s ‘home’ spaceport, Space Hub Sutherland, which aspires to be the world’s first carbon-neutral spaceport. The Space Hub Sutherland spaceport near Tongue on the north coast of mainland Scotland, is expected to be the UK’s first operational spaceport. Orbex applied for a space launch license from the UK Civil Aviation Authority in early 2022.

Orbex is currently conducting various integration tests, including testing of the main engine and propellant tanks, as well as testing of launch procedures, including deployment, booster installation, and pre-launch refueling procedures, which will carry a payload developed by one of the largest microsatellite developers in the world. world, Surrey Satellite Technology Limited.

This latest funding round saw new commitments from existing investors BGF, Heartcore Capital, High-Tech Gründerfonds and Octopus Ventures. The new investors include:

– The National Investment Bank of Scotland, created to generate economic, social and environmental benefits for Scotland through strategic investments in innovative companies and projects, such as Orbex.

– Jacobs, a global advanced technology solutions company, provides a wide range of professional services including consulting, technical, scientific, and project delivery to governments and the private sector. Jacobs is NASA’s largest service provider, offering mission-tailored solutions and full lifecycle aerospace capabilities, including the Mars Perseverance Rover and the Artemis human space exploration program. It also supports major decommissioning and remediation projects at the Dounreay nuclear site in Caithness.

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– Denmark’s Green Future Fund, a dedicated investment fund designed to support the transition to green solutions both in Denmark and around the world through the development of sustainable technologies. The investment will be managed on behalf of the fund by Vækstfonden, Denmark’s sovereign wealth fund.

– Verve Ventures, a Swiss-based network and technology-based venture capital firm. Founded in 2010, Verve Ventures has become one of the most active venture capital investors in Europe with more than 140 technology and science-based startups in its portfolio. Verve Ventures provides a pan-European network of selected private and institutional investors with access to top-tier investment opportunities across Europe.

– British entrepreneurs Phillip and James Chambers, founders of Peakon and Hazport respectively.

Chris Larmour, CEO of Orbex said: “We are delighted to have closed a new round of financing led by the National Investment Bank of Scotland. Orbex has made significant progress to get to this point, with the discovery of innovative and revolutionary technologies, rapid development and testing of launch vehicles, the expansion of our manufacturing footprint in the UK and Denmark, the creation of the first UK Mainland Scotland orbital spaceport and the rise of UK, European customers. , and America signed up to launch a special payload with Orbex.”