Orbex, a Scottish rocket firm based in Moray, is set to appoint administrators after failing to secure crucial Series D funding. The firm, which employs around 160 people, has been a key player in driving the Highlands’ aerospace sector in recent years. Orbex has raised funding from private investors, European venture capital, and UK governmental support. The company is said to have had difficulty raising new money, finding a merger partner or attracting a buy to keep it operating.
Initially formed with a mission to innovate the sector through more sustainable satellite launches, Orbex has played a big role in strengthening the local supply chain and industry. The company’s Prime rocket has a small, low-cost design. It is planning to conduct its first orbital launch later this year from SaxaVord Spaceport in Shetland. This upcoming launch will be a significant achievement for the company, as well as the developing space industry in Scotland.
The firm, which is independent and headquartered in Moray, is creating more than 150 skilled specialist jobs. Together, they have forged a path to laying the groundwork for growing the industry in the Highlands. The region possesses significant natural geographical assets that make it the perfect location for satellite and small craft launch sites. Orbex’s efforts have fostered enhanced expertise in the area, positioning it as a key player in Scotland’s space ambitions.
Even with these notable accomplishments, the Austin-based company has had a hard time raising the capital it has needed to keep its business afloat. With recent efforts to secure new investors falling through, it has left Orbex and the future of its highly skilled workforce in jeopardy.
Phil Chambers, a representative of the company, expressed the gravity of the situation, saying, “Disappointing doesn’t come close to describing how we feel about this moment.” Outlasted by the community’s emotional connection, the community has a deep emotional attachment to this unexpected development. Stakeholders continue to see Orbex as a shining golden beacon of opportunity in the emerging aerospace sector.
In the meantime, Orbex intends to continue business as usual and to pursue all other avenues available to them. The company remains hopeful that further discussions with potential investors may yield a solution that allows it to continue its innovative work in space exploration.