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The SpaceX of Europe
Launching reusable and eco-friendly rockets to space
SearchVentures
June 04, 2024
The Startup Story
This week, we spotlight The Exploration Company, a European space tech startup developing a reusable spacecraft for cargo and human missions. Founded in 2021, the startup has raised over €46 million to democratize space travel and position Europe in the new space race.
Startup Story of The Exploration Company
From Vision to Reality Creating Rockets
The Nyx capsule sending cargo and humans to space
Based in Munich and valued at over $200 million, The Exploration Company was founded by former Airbus engineers. Led by CEO Hélène Huby, the startup is pushing the boundaries of space tech innovation in Europe.
Their flagship project, Nyx, is a reusable and refuelable spacecraft designed to make space travel more accessible and eco-friendly. Unlike traditional spacecraft that rely on toxic fuels, Nyx uses green propulsion technology, setting a new standard for sustainability in space travel.
“Our goal is to provide Europe with its own independent access to space, one that is sustainable and can be scaled.”
The Spacecraft of the Future
The modular and reusable spacecraft is designed to transport up to 4,000 kg to low Earth orbit. The spacecraft consists of a capsule and a service module, which can be customized for missions. The first test capsule is designed to carry scientific instruments and cargo at a lower cost than traditional rocket missions.
“We are developing Nyx to be flexible and efficient, capable of being launched by multiple rocket systems and performing a variety of missions.”
Turning their vision into reality, their first launch mission named Mission Possible is scheduled for 2024, with a full-scale Mission Odyssey planned for 2026. Beyond low Earth orbit, they aim to conduct lunar missions by 2028. These missions will be the first official tests of their reusable rockets, backed by their recent Series A funding.
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Building Europe's Space Frontier
The founder and CEO Hélène Huby
The European Space Agency (ESA) has ramped up its budget to €16.9 billion, focusing on projects from Mars exploration to climate research. The growth of private space companies like SpaceX has demonstrated that startups can significantly accelerate innovation and reduce costs in space exploration.
This trend is now emerging in Europe, with startups like The Exploration Company leading the way. Private investments enable these startups to accelerate development cycles and adapt swiftly to market needs, a stark contrast to the slower bureaucratic processes typical of government programs.
“We are funding this capsule privately because we said let's not wait until Italy and France and Germany come together. This can take years. Europe needs its own capsule.”
Profitability of Space
The Exploration Company’s business model is straightforward: selling missions. Clients, including private space stations and space agencies, purchase a mission, and the company manages the entire process, from launch to recovery. Each mission is priced around $150 million, incorporating the cost of the launcher and operational services.
“Our business model is very simple. We sell missions. If you’re a client, you buy a mission, and we take care of the rest”
With an ambitious vision of commercializing space exploration and travel, The Exploration Company is currently in the validation phase of their technology. Recognizing the high-risk nature of space startups, they are focused on leveraging both private funding and public partnerships with European space agencies to accelerate their progress. With their first launch of low-cost, reusable rockets set for 2024, this event will demonstrate their capacity to compete with the established private space tech sector in the US.
Startup funding for European Space Tech 📈
Funding in European upstream space tech startups
Startup funding for European space tech saw a slight increase in 2023 but remains over 60% below the 2021 peak. Despite key players like The Exploration Company receiving substantial contracts and funding, Europe still trails the U.S. due to a less supportive procurement system. Why is the European space tech industry slowing down?
To understand the key reasons and deeper insights behind this trend, catch our Thursday publication on SearchVentures Premium.
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See you on Thursday :)
Cheers,
Odin Lund & Hari Mohandas
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