For Scottish rocket company Orbex, based in Moray, this autumn looks a critical juncture. The company is diligently working through opportunities after failing to secure critical Series D financing. The precision manufacturing company employs about 160 highly-skilled workers. Together, they have had an incredible impact in accelerating the exciting new space industry into the Highlands. Orbex has since closed investment rounds from private investors, several European venture capital funds, and the UK government. Since then it has been unable to find enough funding for a merger or a buyer.
Founded to create more environmentally sustainable launch vehicles, Orbex has been working towards the first launch of its Prime rocket. That launch is currently slated to be the first vertical launch from SaxaVord Spaceport in Shetland later this year. The Prime rocket was used as the commercial launch vehicle for placing satellites into orbit. This technology places Orbex in pole position in the fast-growing space launch industry.
Regardless of how new developments play out, Orbex will carry on business as usual while pursuing strategic options. Though the booming growth has brought financial strain along with its positives, the company continues to stay true to its mission.
“Disappointing doesn’t come close to describing how we feel about this moment,” – Phil Chambers
In conclusion Chambers indicated the severity of the funding shortfall. He fears that it will severely limit the company’s capacity to support local jobs and the wider UK’s space aspirations.
“What is most disappointing is that we have brought hundreds of skilled jobs to Scotland; we have been at the vanguard of the UK’s space ambitions; we have led the way in driving good news about the UK’s space sector,” – Phil Chambers
Orbex’s work to grow the space industry in the Highlands has been recognized for the economic impact it could have. Highlands and Islands Enterprise highlighted the region’s geographical advantages for satellite launch sites, emphasizing that Orbex’s work has enhanced local expertise.
“All of this means we continue to have a huge amount to offer potential investors in the space sector, and the industry continues to present a significant economic opportunity for the region and for Scotland,” – Highlands and Islands Enterprise
Orbex is charting a course through its economic headwinds. The company has been working with state and local administrators to ensure the best outcome for their employees and the regional economy. What’s next is still up in the air, but the company’s dedication to its employees and community growth are indeed here to stay.