The Exploration Company, the European rival of SpaceX, has achieved another milestone in funding to develop its space cargo capsule, Nyx. Government-backed funds from both Germany and France are among the major investors.
The Exploration Company Raises $160M in Series B Funding | by Pierre Festal | Go Build | Nov, 2024 | Medium
Europe's rival to Musk's SpaceX raises millions in new funding
Copyright Taken from website of The Exploration Company
By Tina Teng
Published on
Founded in 2021, The Exploration Company (TEC) announced on Monday that it has raised $160m (€151.7m) in Series B funding, bringing its total funding to nearly $208m (€197m). The Germany-based spacecraft manufacturer is often considered the European rival to Elon Musk's SpaceX Dragon, a reusable capsule designed to transport cargo and humans to space.
The Series B funding round was led by venture capital firms and major contributors.
The Series B funding round was led by venture capital firms and major contributors.
- Balderton Capital
- Plural. French government-backed French Tech Souveraineté
- German government-backed DeepTech & Climate Fonds
Uploaded: Nov 19, 2024
The Exploration Company is aiming to get cargo to the International Space Station and take humans into outer space. The three-year-old startup is leading European efforts to build an alternative to ...
Plans to develop passenger and cargo transporter Nyx
The funds will primarily be used to further develop TEC's flagship product, Nyx, a reusable spacecraft similar to SpaceX's Dragon. Nyx is designed to transport passengers and cargo to and from the International Space Station (ISS) in low Earth orbit.
The second version of Nyx is expected to be launched in 2025, with the first full mission scheduled for 2028.
Hélène Huby, co-founder and CEO of TEC, commented: "Over the past 12 months, we have hit major operational and financial milestones and signed significant service contracts with both space agencies and commercial clients. This new funding is the next step in scaling up our ambitions."
Hélène Huby, co-founder and CEO of TEC, commented: "Over the past 12 months, we have hit major operational and financial milestones and signed significant service contracts with both space agencies and commercial clients. This new funding is the next step in scaling up our ambitions."
First privately funded reusable capsule
TEC is the first privately funded reusable space capsule capable of flying to space stations, she emphasized, unlike SpaceX's Dragon, which was largely funded by NASA.
In May, TEC secured a significant contract with the European Space Agency (ESA) for the Low Earth Orbit (LEO) Cargo Return Service. This agreement included an initial €25m (€24m) in funding, marking a critical achievement in the company's commercial progress and setting the stage for potential future collaborations with NASA.
The ESA launched a tender in December 2023 for space cargo transport services, aiming to bolster Europe's independence and competitiveness in post-ISS operations.
In May, TEC secured a significant contract with the European Space Agency (ESA) for the Low Earth Orbit (LEO) Cargo Return Service. This agreement included an initial €25m (€24m) in funding, marking a critical achievement in the company's commercial progress and setting the stage for potential future collaborations with NASA.
The ESA launched a tender in December 2023 for space cargo transport services, aiming to bolster Europe's independence and competitiveness in post-ISS operations.
Expanding Market Opportunities
Huby expressed confidence in the growing market for space cargo services, which she estimates to be expanding at an annual growth rate of more than 10%. Currently, only two companies - SpaceX and Northrop Grumman - provide cargo services to and from the ISS, both of which are based in the United States. However, potential competition is emerging from China, India, and Russia.
The Exploration Company has already secured approximately $770m (€730m) in contract backlogs from private space station developers. In May, TEC signed an agreement with Starlab Space, a LEO commercial space station, for three pre-booked cargo transport missions. In September 2023, the company also reached a pre-booking agreement with Axiom Space, an American privately funded space infrastructure developer.
The Exploration Company has already secured approximately $770m (€730m) in contract backlogs from private space station developers. In May, TEC signed an agreement with Starlab Space, a LEO commercial space station, for three pre-booked cargo transport missions. In September 2023, the company also reached a pre-booking agreement with Axiom Space, an American privately funded space infrastructure developer.
A Distinctive Approach
Huby highlighted Nyx's unique advantage in its ability to launch from space stations in different countries, unlike SpaceX's Dragon, which is specifically designed to launch on SpaceX rockets.
Speaking in an interview, she stated: "The world needs more competition, and TEC is building an alternative. We are very aware that we are late, that we are much smaller, etcetera, but we need to start."
With this ambitious funding round and a growing roster of contracts, TEC aims to become a key player in the global space transport market.
Speaking in an interview, she stated: "The world needs more competition, and TEC is building an alternative. We are very aware that we are late, that we are much smaller, etcetera, but we need to start."
With this ambitious funding round and a growing roster of contracts, TEC aims to become a key player in the global space transport market.
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The Exploration Company Secures $160 Million Series B to Revolutionize European Space Exploration
Updated on November 18, 2024
The Exploration Company (TEC), Europe’s largest and fastest-growing space tech innovator, has reached a historic milestone by securing $160 million in Series B funding.
Co-led by Balderton Capital and Plural, the round represents the largest-ever Series B funding in the European space sector.
With this infusion of capital, TEC aims to redefine space logistics and strengthen Europe's leadership in space exploration.
Founded in 2021 by aerospace veterans, including CEO Hélène Huby, TEC has grown rapidly, leveraging its reusable and refillable spacecraft, Nyx, to tackle the evolving needs of space exploration.
This latest round brings TEC’s total funding to nearly $230 million, further solidifying its position as a leader in the global space industry.At the core of TEC’s operations is the Nyx spacecraft, a modular and reusable vehicle designed to make space exploration more accessible and sustainable.
Nyx stands out for its unique combination of affordability, flexibility, and efficiency. The spacecraft can launch from any heavy launcher worldwide, making it truly agnostic and adaptable to the needs of various missions. Its innovative design includes the ability to carry up to 4,000 kilograms of cargo to space and return 3,000 kilograms back to Earth—the largest capacity of its kind.
Nyx's cost-efficient missions, which are 25% to 50% cheaper than competitors, promise to open the space sector to new industries and participants. Sustainability is also a key focus, with Nyx powered by green, non-toxic fuel and designed for reusability and in-orbit refueling. This approach aligns with TEC's mission to prioritize environmental responsibility in space exploration.
Co-led by Balderton Capital and Plural, the round represents the largest-ever Series B funding in the European space sector.
With this infusion of capital, TEC aims to redefine space logistics and strengthen Europe's leadership in space exploration.
Founded in 2021 by aerospace veterans, including CEO Hélène Huby, TEC has grown rapidly, leveraging its reusable and refillable spacecraft, Nyx, to tackle the evolving needs of space exploration.
This latest round brings TEC’s total funding to nearly $230 million, further solidifying its position as a leader in the global space industry.
A Vision for Affordable and Sustainable Space Exploration
Nyx stands out for its unique combination of affordability, flexibility, and efficiency. The spacecraft can launch from any heavy launcher worldwide, making it truly agnostic and adaptable to the needs of various missions. Its innovative design includes the ability to carry up to 4,000 kilograms of cargo to space and return 3,000 kilograms back to Earth—the largest capacity of its kind.
Nyx's cost-efficient missions, which are 25% to 50% cheaper than competitors, promise to open the space sector to new industries and participants. Sustainability is also a key focus, with Nyx powered by green, non-toxic fuel and designed for reusability and in-orbit refueling. This approach aligns with TEC's mission to prioritize environmental responsibility in space exploration.
Milestones and Ambitious Goals
Despite its recent establishment, TEC has already achieved remarkable milestones.
- In 2023, the company became the first European firm to sign a Space Act Agreement with NASA, a testament to its growing international reputation. Additionally, TEC ranked #1 in the European space capsule competition, securing its first major contract with the European Space Agency (ESA).
Looking ahead, TEC plans to launch its mid-size capsule, Mission Possible, in 2025, which will carry 300 kilograms of payloads into low-Earth orbit. The maiden flight of Nyx Earth is slated for 2028, where it will deliver cargo for the ESA to the International Space Station (ISS). These milestones underscore TEC’s ability to execute with speed and precision.
Expanding Europe's Role in the Space Industry
As the global space logistics market grows—expected to exceed $300 billion over the next decade—TEC is positioning itself as a critical player. The market expansion is driven by the increasing number of space stations, such as Axiom, StarLab, Orbital Reef, and the Lunar Gateway, as well as a renewed focus on lunar and Martian exploration.
Currently, the transportation capabilities for space logistics are concentrated among a few players in the United States, China, and Russia. TEC is stepping in to fill a critical gap, ensuring Europe has the infrastructure to support its space ambitions. With 98% of its shareholders based in Europe, TEC embodies a collaborative, European approach to innovation and exploration.
Currently, the transportation capabilities for space logistics are concentrated among a few players in the United States, China, and Russia. TEC is stepping in to fill a critical gap, ensuring Europe has the infrastructure to support its space ambitions. With 98% of its shareholders based in Europe, TEC embodies a collaborative, European approach to innovation and exploration.
Building the Future with Advanced Technology
The Nyx spacecraft family is designed to meet a wide range of mission requirements, from Earth orbit to lunar destinations. Nyx Earth focuses on low-Earth orbit missions, while Nyx Gateway and Nyx Moon target lunar logistics and last-mile delivery to the lunar surface.
TEC’s proprietary propulsion systems are another cornerstone of its innovation. The Mistral green thrusters run on non-toxic fuel, while the Huracán in-orbit refillable engine utilizes cryogenic liquid methane and liquid oxygen. The high-thrust Typhoon engine further enhances Nyx’s versatility, showcasing TEC’s commitment to cutting-edge technology and sustainability.
TEC’s proprietary propulsion systems are another cornerstone of its innovation. The Mistral green thrusters run on non-toxic fuel, while the Huracán in-orbit refillable engine utilizes cryogenic liquid methane and liquid oxygen. The high-thrust Typhoon engine further enhances Nyx’s versatility, showcasing TEC’s commitment to cutting-edge technology and sustainability.
Driving Collaboration and Investment
The Series B funding has attracted a diverse group of investors, including Bessemer Venture Partners, NGP Capital, and sovereign funds like French Tech Souveraineté and DeepTech & Climate Fonds (DTCF).
This marks the first time two European sovereign funds have co-invested, reflecting the strategic importance of TEC’s mission.
Investors have expressed strong confidence in TEC’s potential. David Thévenon, Partner at Balderton Capital, noted, “The Exploration Company is poised to redefine European leadership in space exploration. Their mission promises to unlock unprecedented opportunities for humanity’s future in space.”
Investors have expressed strong confidence in TEC’s potential. David Thévenon, Partner at Balderton Capital, noted, “The Exploration Company is poised to redefine European leadership in space exploration. Their mission promises to unlock unprecedented opportunities for humanity’s future in space.”
A New Era of Space Sovereignty
CEO Hélène Huby emphasized the importance of Europe’s independence in space. “Space will play a critical role in shaping humanity’s future, and I want to contribute to building a future that is peaceful and cooperative,” she said. “Our European DNA fits perfectly with this mission.”
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