Rocket company Orbex has received £20 million from the UK Government ahead of its first launch from Shetland.

Science, Innovation and Technology Secretary Peter Kyle announced the investment at the 17^th European Space Conference in Brussels. 

Orbex is the only UK-owned launch services company in the UK. It is developing both small and medium sized space rockets for launch from the SaxaVord Spaceport.

In addition to the UK Government, the Export & Investment Fund of Denmark (EIFO), Octopus Ventures and private investor Sohaib Abbasi have also contributed to Series D so far. The total raised currently stands at £23m.

Mr Kyle said: “Britain’s impressive toolkit of scientific talent, world class facilities, and unique geography means we stand ready to lead the charge and to work together with our international partners as a key part of the new space revolution in Europe. 

“By investing £20m in this rocket launch, we are not only helping the country to become a leading destination for small satellite launches in Europe but bringing highly skilled jobs and investment to communities and organisations across the UK, as part of our Plan for Change.   

“Supporting Orbex’s launch will also turbocharge the country’s position in the space sector and inspire our next generation of space professionals, who will be able to design, test, build and launch British rockets, carrying British satellites, from British soil.”  

With Orbex in the midst of an intensive testing programme, the funding will accelerate further development of Prime, a 19-metre long, two-stage rocket designed to transport small satellites into Low Earth Orbit. Orbex expects to launch its first Prime rocket towards the end of this year.

Phillip Chambers, CEO of Orbex, said: “This first of a kind investment by the UK government demonstrates its confidence in the UK’s space rocket manufacturing and launch sector and is an exciting start to the opening of our Series D fundraising.

“We are entering the final preparations to deliver the most flexible and environmentally sustainable launch services to the global satellite industry.

“This investment paves the way not only for us to launch our first rocket this year but also to develop a larger rocket to enable us to compete in the European Launcher Challenge. These development goals are crucial to our longer-term development.

“With testing underway and launch now in our sights, Orbex’s Series D funding round remains open. We are actively speaking to investors for the second tranche of funding to be announced later this year and would encourage those wishing to be part of the journey to get in touch”.