The U.K. government invested 20 million pounds ($24.8 million) in spaceflight company Orbex <\/b>as part of its Series D fundraising to build and launch a rocket from Scotland, Orbex announced Jan. 29.<\/p>\n
The investment is the first of its kind by the U.K. government. It will help fund Orbex Prime, which aims to be the first U.K.-manufactured and U.K.-launched orbital rocket. Prime is set to launch in late 2025 at the SaxaVord Spaceport in Shetland, Scotland. <\/p>\n
Prime will benefit from the UK\u2019s latitude and Scotland\u2019s geographical positioning providing access to polar orbits. The reusable rocket is powered by renewable bio-propane fuel, which Orbex said cuts carbon emissions. <\/p>\n
The development of Prime has already created more than 140 jobs in Forres, Scotland. The U.K. government said the investment will contribute to the country\u2019s mission to grow the economy, launch regularly on British grounds and attract launch investment.<\/p>\n
U.K. Technology Secretary Peter Kyle said: \u201cSupporting Orbex\u2019s launch will also turbocharge the country\u2019s 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.\u201d<\/p>\n
The investment was announced at Brussels\u2019 European Space Conference. Orbex said the Export & Investment Fund of Denmark (EIFO), Octopus Ventures and private investor Sohaib Abbasi have also contributed to the Series D round so far. The company has currently raised 23 million pounds ($28.7 million) in the Series D. <\/p>\n","protected":false},"excerpt":{"rendered":"
The U.K. government invested 20 million pounds ($24.8 million) in spaceflight company Orbex as part of its Series D fundraising to build and launch a rocket from Scotland, Orbex announced Jan. 29. The investment is the first of its kind by the U.K. government. It will help fund Orbex Prime, which aims to be the […]<\/p>\n","protected":false},"author":1,"featured_media":47585,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-49756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/49756"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=49756"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/49756\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/47585"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=49756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=49756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=49756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}