UK launch startup Orbex closes fresh funding in push to first orbital launch next year

rocket launches are not one of the things the United Kingdom is known for. Orbex is one of a number of U.K.-based companies trying to change that by bringing vertical launch to the UK. Orbex is aiming to conduct its first orbital rocket launch as early as next year, and today the company announced it closed £40.4 million in funding to power its final push there

Prime is a two-stage microlauncher that is 19 meters long. In May, the company rolled out its first full-scale prototype of the orbital rocket, which is capable of carrying very small satellites to space. Prime will have a maximum capacity of 180 kilograms.

The rocket is powered by seven engines, six on the first stage and a single engine on the second stage, all of which are fueled by Calor's Futuria Liquid Gas. According to Orbex, this will reduce the carbon emissions of launch by up to 98%. The company is currently in the middle of a testing campaign in order to get ready for its first launch in 2023.

The company said in a statement that it will be able to scale its resources and support future endeavors. The new investor in the round is the Scottish National Investment Bank. Phillip and James Chambers are two British entrepreneurs who have invested in new investors.

Major government institutions in the U.K. view the space sector as a major source of economic growth thanks to the new lead investor, the Scottish National Investment Bank. The government released a plan to invest over a billion dollars in military satellites and other space technologies over the next ten years. The National Space Strategy is meant to level up the country's space economy.

Prominent ministers from the Scottish and U.K. parliaments applauded the funding.

Orbex was one of two companies chosen by the U.K. government to perform launches at a new facility. In February of this year, Orbex applied for a license to launch in the U.K.