Scottish rocket manufacturer Orbex has raised £16.7m as it gears up for the launch of its satellite transportation vessel Prime.
One of just two UK-based space rocket manufacturers – the other being fellow Scottish firm Skyrora – Orbex has secured the investment as an initial fundraise for its upcoming Series D round.
The space tech firm manufactures rockets powered by renewable biofuel. The Forres-headquartered firm is performing pre-launch tests for Prime, a 19-metre rocket designed to transport small satellites into orbit. The company plans to launch Prime from its Sutherland spaceport, once construction is finished.
“Our technology is pivotal in making the UK a hub for European orbital launch, and we are entering a critical phase of development,” said Orbex CEO Phillip Chambers.
“We are building a sustainable, cost-effective launch vehicle to compete with the best of Europe’s spaceflight manufacturers.”
Chambers, who was previously head of technology at Gumtree, was appointed as Orbex chief executive in January.
The new funding included a £10.5m follow-on investment from the Scottish National Investment Bank, with further capital coming from Octopus Ventures, Business Growth Fund (BGF), Heartcore and the Export and Investment Fund of Denmark.
The Scottish National Investment Bank’s executive director of innovation Nicola Douglas said the group “recognises the unique potential the space industry offers for Scotland”.
Douglas said the bank was “particularly drawn to Orbex’s commitment to sustainability through its use of renewable biofuel and launch technology”.
The cash injection follows Orbex’s £40m Series C round in 2022 and brings the total amount raised by the firm to £102m.
