Elecnor Deimos and British spaceflight company Orbex enter into a strategic agreement
Elecnor will own a stake in Orbex. Orbex develops “Prime”, an innovative launcher to send small satellites into orbit. Elecnor Deimos, the technological division of the Elecnor Group, will contribute towards the development of the Orbex space launch system
Elecnor Deimos has entered into a strategic agreement with Orbex, a UK-based spaceflight company, having taken a stake in this young space company. Founded in 2015, Orbex is dedicated to providing a private launch service in Europe for the small satellite industry.
During the International Farnborough Airshow this week, Orbex announced that it had secured £30 million in funding. Orbex is mainly funded by two of the largest venture capital funds in Europe, Sunstone Technology Ventures and High-Tech Gründerfonds. This agreement means that Elecnor has become a new strategic private investor, along with other international funding institutions such as the UK Space Agency (UKSA), the European Space Agency (ESA) and the European Commission Horizon 2020 Programme.
As a result of this agreement, Orbex will become the preferred supplier of the launch services required to send the Elecnor Deimos satellites into orbit. Moreover, Elecnor Deimos will become the preferred supplier of several critical launch systems required to develop and operate the Orbex launch system, such as the Guidance, Navigation & Control (GNC) system.
Orbex is developing an innovative launcher, called “Prime”, to send small satellites into orbit. These satellites will be launched from the newly-announced spaceport in the United Kingdom, to be known as “UK Vertical Launch” and located in Sutherland (Scotland).
This agreement forms part of Elecnor’s strategy of investing in start-ups in its quest for new business opportunities, helping to develop and revitalise innovative activity in the sectors in which it is present.