150 million euros. Created only in 2021, the Franco-German startup The Exploration Company (TEC) successfully raised 150 million euros to develop and design Nyx, the first European space capsule developed to be launched from any heavy launcher in the world. “Which makes it the most affordable and launcher-independent space transport vehicle”underlined The Exploration Company in a press release published Monday morning.
This new financing brings the total funds raised by TEC to more than 216 million euros (nearly 230 million dollars). This fundraising “is the next step to accelerate our ambitions,” said explained the co-founder and CEO of The Exploration Company, Hélène Huby. It must now transform this financial success into technical, operational and commercial success.
A market of more than 300 billion dollars
“This significant fundraising reflects the fact that the creation of global companies, with European roots, can only be done by encouraging trust and cooperation between European countries”observed Hélène Huby, who claims European DNA. And this is reflected in the facts: 98% of TEC shareholders are European players. “Which demonstrates that our continent is committed to financing daring entrepreneurs”she rejoiced. TEC also wishes to support a new era of space sovereignty in Europe, by providing space vehicles, essential in the coming decades as the space exploration market develops.
Led by former space engineers from Airbus and ArianeGroup, TEC wants to develop a reusable and refuelable spacecraft to make space exploration affordable, modular and sustainable. Above all, it wants to meet the growing logistical needs of space stations and space exploration missions. TEC estimates that the space logistics market in low orbit and around the Moon will exceed $300 billion over the next decade.
This estimate takes into account the growing number of space stations under development (Axiom, StarLab, Vast, Orbital Reef and Lunar Gateway) but also the race to explore the Moon and Mars. While transport capabilities have so far been concentrated among a few players in the United States, China and Russia, Europe is struggling to acquire its own space exploration capabilities.
NewSpace: a historic fundraising
This is a fundraising event that will be a landmark in European NewSpace. Because TEC has raised the largest series B ever carried out in Europe in the field of NewSpace. It was co-led by London-based venture capital firm Balderton Capital and European venture capital firm Plural, with participation from Bessemer Venture Partners, NGP Capital, French Tech Souveraineté managed by Bpifrance, DeepTech & Climate Fonds (DTCF ) and Bayern Capital. The round also includes significant re-investments from legacy investors including EQT Ventures, Red River West, Cherry Ventures, Promus Ventures and Omnes Real Tech Fund. Lazard acted as exclusive financial advisor and Hogan Lovells acted as legal advisor in connection with this transaction.
“The planets have aligned for this investment (…). With its unrivaled expertise and visionary approach, The Exploration Company is poised to redefine European leadership in space exploration,” explained David Thévenon, Balderton Capital Partner. “As an investor, you don't often encounter a situation like that of The Exploration Company. TEC operates in a large and explosively growing market where demand for launches and cargo far exceeds existing supply, in a region that has seen decades of institutional investment with an incredible know-how and talent base, in a political climate where decision-makers know that they must take urgent measures if they want to safeguard our critical assets,” said Khaled Helioui, partner at Plural.
TEC emphasized that it is “the first time that two European sovereign funds”French Tech Sovereignty, one of the pillars of the France 2030 plan, and DTCF, financed by the “Zukunftsfonds” and the ERP Special Fund, “invest together”. This funding will be used to develop and test the Nyx ship, strengthen the team by 200 people and increase the company's production capacity. “Over the past twelve months, we have achieved major operational and financial milestones and signed significant service contracts with space agencies and commercial customers,” argued Hélène Huby. With the support of its shareholders, it intends to cross “a new step towards the launch of Nyx Earth and building a European space leader”.
Two capsules in development
Nyx will be able to return to Earth carrying up to 3,000 kg of cargo – “the largest descending mass available in the world”according to TEC – and will then be reconditioned for its next mission. “The cost of this service will be 25 to 50% lower than that of other vehicles”estimated TEC in its press release. The second prototype flight is planned for 2025 and the first flight of Nyx Earth (recurring product) is planned for 2028, to transport cargo for ESA to the International Space Station.
The first European company to sign a Space Act Agreement with NASA, TEC reached another important milestone this year by signing its first major contract with the European Space Agency (ESA), placing it in first place in European space competition. space capsules. Furthermore, it is on track to launch its medium-sized capsule, Mission Possible, in 2025, with a payload of 300 kg for its customers.
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