The European spacetech industry in 2024 is experiencing significant growth, driven by increased investment and innovation. Key reports highlight the increasing role of commercial space activities and European startups. The industry’s focus on innovation, investment, and international collaboration is driving significant advancements in space exploration, technology, and applications.
As this industry is booming, several European startups, including Involve and Dcubed raised investments. Now, The Exploration Company (TEC), a Munich and Bordeaux-based spacetech startup is closer to securing €150 million in funding. This new investment round would take the company’s valuation to around €450 million. This follows the $750 million funding raised last year co-led by EQT Ventures.
This latest funding is likely to involve new investors such as Balderton Capital, which recently invested in Tilt and Checkly. This funding will accelerate TEC’s efforts to develop reusable space capsules for missions to space stations and the moon.
Faces stiff competition from SpaceX
Founded in July 2021 by Hélène Huby in Munich, The Exploration Company has a team of aerospace engineers who have worked on some of the biggest space programs such as Orion-ESM, Ariane, etc. By providing Europe with the capacity to explore new space worlds, the company creates a sustainable, affordable, and alternative global player, and has already signed several European space agencies as clients.
The SpaceX rival is developing a reusable space capsule called Nyx. The capsule is designed to be modular, allowing the company to offer cargo and human (crew) transportation services to and from low Earth orbit, lunar orbit, and the lunar surface.
TEC plans to launch its first mission to the lunar surface in 2029. The company’s lunar lander will be capable of transporting two tonnes to the surface of the Moon at a cost of around $200,000 per kilogram.
Launched first capsule into space
Earlier this year, TEC sent the first capsule launched in 2024 aboard the French rocket Ariane 6. While this was a major success, its mission faced a challenge when Ariane 6’s upper-stage engine failed to relight.
Also, it was one of the couple of companies that won a contract with the European Space Agency (ESA) to offer cargo return services to the International Space Station. It received €25 million for a commercial cargo service to low-Earth orbit by 2028. Notably, this is similar to the larger contract that Elon Musk’s SpaceX won from NASA to boost its growth.
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