Orbex, a pioneering Scottish rocket firm, is reportedly preparing to appoint administrators after failing to secure crucial Series D funding. The firm is hoping to fly its small, rapid-build and cheap rocket, Prime, for the first time later this year from the SaxaVord Spaceport in Shetland. It’s now grappling with major financial challenges that threaten to shut the doors at its centers.
Orbex, based in Moray, directly employs just under 160 highly skilled workers. Their hard work has begun to establish the Highlands as a center of aerospace innovation. The firm has since gone on to secure backing from private investors, European venture capital and the UK government. It continues to have a hard time raising further funding or finding a big enough partner to merge with or acquire. We’ve seen these kinds of discussions with The Exploration Company (TEC) go on without yielding productive results. The negotiations, at least for now, are stalled.
Phil Chambers, the CEO of Orbex, told The Engineer that he was disappointed by today’s announcement.
“Disappointing doesn’t come close to describing how we feel about this moment,” – Phil Chambers.
As Orbex weighs these and other options, it is business as usual for the new concern – with a view to their next moves. The unrepaired crisis has an enormous impact on employees and their families. They’re understandably concerned for their livelihoods in an area that has prospered due to Orbex’s establishment.
“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 has been lauded for its positive impact on the local economy, exporting highly-skilled jobs to Scotland. The company has paddled hard to show itself as a promising investment to potential partners and investors at this developing stage of the space industry. Orbex specializes in small satellite launches, positioning themselves within their niche. It shines a spotlight on the Highlands and Islands as a centre of excellence for aerospace projects.
The entire region reaps the rewards of natural geographical advantages that lend themselves remarkably well to satellite launch sites. Orbex’s knowledge and know-how has been instrumental in growing these unparalleled capabilities. Local agencies, such as Highlands and Islands Enterprise (HIE), have sunk tens of millions into Orbex’s projects. Their support is resulting in unprecedented growth in the new space sector.
“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.”
The region boasts natural geographical advantages that make it suitable for satellite launch sites, and Orbex’s expertise has played a crucial role in advancing these capabilities. Local organizations such as Highlands and Islands Enterprise (HIE) have invested millions into supporting Orbex’s initiatives and fostering growth within the space sector.