Orbex, the Moray-based vertical launch rocket firm, is likely to enter administration after announcing it had missed out on vital Series D investment. The company, which employs approximately 160 skilled individuals, has made significant strides in the space industry, particularly in the Highlands of Scotland. The firm has successfully attained strong milestones and gained support from private investors, European venture capital and the UK government. It couldn’t win more financial backing, identify merger partners, or court a buyer.
Orbex was established to meet the needs of the UK’s expanding space aspirations. This year, the company is planning to start its first rocket, Prime, from the SaxaVord Spaceport in Shetland. Balmori Associates That the firm had fought all so industriously to win public funding and ingenious rescue solutions but has coming denationalized.
Phil Chambers, comms supremo at Orbex, said they were “devastated” with how things have panned out.
“Disappointing doesn’t come close to describing how we feel about this moment,” – Phil Chambers
This setback puts the company’s very existence in jeopardy. It does a disservice to the public to whom it is accountable, not to mention the livelihoods of its employees. Chambers emphasized that “all of this progress now risks being undone – and it is real people who will feel the consequences.”
“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
During its time on the accelerator, Orbex built up considerable rocket technology experience, further enhanced through its work in Moray. The company has been instrumental in helping to grow Scotland’s Highlands space industry. As it plans its way forward through this difficult time, Orbex will remain fully operational and committed to pursuing all options.
In collaboration with Pace (Partnership Action for Continued Employment), Orbex will help redeploy workers at risk of redundancy. Read Highlands and Islands Enterprise has recognized the pinch that this lack of broadband is putting on the local labor force.
And even as Orbex continues to navigate these tough funding waters, the company continues to invest in its employees and the community it calls home. The firm believes in leaving no stone unturned as we pursue a cleaner, greener, and more sustainable future. Simultaneously, it plays a key part in the development of Scotland’s growing prominence in the international space sector.
“This situation will be a major blow to Orbex, its employees and their families.” – Highlands and Islands Enterprise
Even as Orbex grapples with these funding challenges, it remains committed to its employees and the community it serves. The firm is dedicated to exploring every avenue to secure a sustainable future while continuing to contribute to Scotland’s growing role in the global space industry.
