Scottish rocket firm Orbex, based in Moray, is set to appoint administrators after unsuccessful attempts to secure funding or find a buyer. The company, which counts about 160 employees, has played a large role in establishing the burgeoning space industry in the Highlands of Scotland. Or maybe you’re about to make your first test flights. As you get ready to launch your very first Prime rocket later this year at SaxaVord Spaceport, that picture is getting more grim.
This has included millions in funding from Highlands and Islands Enterprise (HIE), which has helped support the new firm’s audacious aims. The company prides itself on a very-skilled workforce of more than 150 men and women who have helped it achieve its third consecutive year of record-breaking R&D spending. Their efforts have greatly increased knowledge and experience in the field within their agency. Beyond generating tons of new traffic, they’ve produced hundreds of good, skilled jobs throughout their region.
In a surprise twist, Orbex was said to have been in negotiations to sell the company to The Exploration Company (TEC) in recent weeks. The negotiations broke down and were unable to come to a conclusion. Consequently, while continuing regular business as usual, the company started planning for what could be done next.
“Disappointing doesn’t come close to describing how we feel about this moment,” – Phil Chambers, Chief Executive of Orbex.
The Prime rocket is an all-new low-cost, commercial launch vehicle tailored exclusively for small satellites. It’s the latest successful step toward Orbex’s vision of a groundbreaking future. The firm was in the final stages of preparations for its first ever launch from SaxaVord Spaceport. This physical place was selected specifically because of its outstanding natural geographical features.
“From its base in Moray with its highly-skilled workforce of more than 150 people, it has made significant progress in developing the industry in the Highlands,” commented an unnamed source familiar with the company’s operations.
In the face of all these challenges, Orbex is still promisingly optimistic about its future. The company wants to shine a light on the Bluegrass region’s growing opportunities for would-be investors in the burgeoning industry.
“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,” noted another unnamed source.
