European space company The Exploration Company raises €387 million
French space company The Exploration Company has secured a €387 million Series C funding round to speed up development of its reusable capsule and a new rocket engine. The round was co-led by multiple investors.
European space company The Exploration Company (TEC) has announced a €387 million (around $450 million) Series C financing round, co-led by several investors.
The new capital will support two key programs. First, it will advance development of the Nyx reusable capsule, with the goal of eventually reaching a mission that would see the capsule dock with the International Space Station (ISS) and return safely to Earth. Second, the funding will accelerate development of Storm, a high-thrust, reusable rocket engine the company is building.
The funding round underscores growing investor interest in Europe's private space sector, as the continent seeks to build up its own capabilities in reusable spaceflight technology. Reusable systems are widely seen as key to lowering the cost of space missions and strengthening Europe's independence in the space industry.
Further details about the investors involved and the company's next steps were not fully disclosed in the announcement.
