Scottish rocket company Orbex, based in Forres, Moray, is preparing to bring in administrators. The company’s future is now deeply uncertain after missing out on securing the funding its future depended on. Orbex has a highly skilled technical workforce of around 160 employees. They’re doing remarkable things to drive the development of a space industry in the Highlands. Even with all that cash and support from European private investors, European venture capital and the UK government, the company continues to fight for its life. Its still hasn’t found a sustainable way forward.
Orbex initially aimed to launch its Prime rocket later this year from SaxaVord Spaceport in Shetland, positioning itself as a key player in the commercial satellite launch market. The Prime rocket was supposed to be a commercial launch vehicle for small satellites. It was intended to increase the pace of the fast-growing UK space sector. The company has been unable to raise the much-needed Series D funding to sustain its operations and growth.
The stakes at Orbex are is pronounced as they have cut and expended nearly every viable option so far. The bottom line — the firm can’t locate any money. It, too has not found a merger partner, or a buyer for its operations. Consequently, Orbex will be scaling back day-to-day activity and exploring options to find a way through this difficult period.
According to Phil Chambers, an Orbex representative, this is how the company feels after all the exciting recent developments.
“Disappointing doesn’t come close to describing how we feel about this moment.” – Phil Chambers
The failure to secure funding comes despite Orbex’s significant contributions to the UK’s space ambitions and its commitment to creating jobs and advancing technology in Scotland. The company continues to forge ahead with its plans for day-to-day operations. Despite a promising start, doubt over its future funding puts its financial health and ultimately its massive goals within the burgeoning space economy in peril.
“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
The failure to secure funding comes despite Orbex’s significant contributions to the UK’s space ambitions and its commitment to creating jobs and advancing technology in Scotland. As the company moves forward with its plans for normal operations, the uncertainty surrounding its financial future raises questions about its ability to sustain its workforce and fulfill its ambitions in the space industry.