Key facts
- The Exploration Company (TEC) raised $450 million in a Series C funding round.
- This is described as the largest-ever Series C by a European space company.
- TEC aims to build reusable European heavy-lift launchers as an alternative to SpaceX.
- The company's Nyx capsule is targeted for a mission to the ISS by November 2028.
- Funding will also support the Storm rocket engine program and future rocket development.
- TEC plans to use full-flow stage combustion technology for reusability.
The Exploration Company (TEC), a European space firm, has secured $450 million in a Series C funding round, aiming to develop reusable heavy-lift rockets and challenge SpaceX's dominance in the burgeoning space launch market. This funding round, described as the largest-ever Series C by a European space company, underscores growing investor confidence in reusable spacecraft technology.
Led by Hélène Huby, who previously spent two decades at Airbus and ArianeGroup, TEC intends to use the capital to build the foundation for a reusable European heavy-lift launcher. This initiative seeks to provide an affordable alternative to SpaceX's services, addressing concerns about space sovereignty and the need for increased launch capacity.
SpaceX's Falcon rockets are reportedly increasingly reserved for its Starlink satellites, creating a demand gap that TEC aims to fill. The company's immediate focus is on its Nyx reusable capsule, designed for cargo and eventually human transport, with a goal of docking with the International Space Station and returning to Earth by November 2028. The funding will also support the Storm rocket engine program and future rocket development.
TEC's ambition extends to building a significantly larger rocket than that of German startup Isar Aerospace, which recently achieved a successful launch. TEC plans to leverage full-flow stage combustion technology for reusability, a complex but efficient engine cycle. The company has already secured over $2 billion in contracts and commitments for its Nyx missions from institutional partners including the European Space Agency and NASA.
The Series C round was co-led by Atomico and EQT-managed Scaleup Europe Fund, with participation from Bessemer Venture Partners. Alex Ferrara, a partner at Bessemer Venture Partners, will join TEC's board of directors. The company's pragmatic, albeit ambitious, timeline and focus on cargo and then human transport reflect a strategy to secure VC funding, as Huby noted the difficulty in securing investment for crewed spaceflight projects requiring longer wait times.