Scottish launch company Orbex, headquartered in Moray, is planning to call in administrators as it fails to get key investment. The company has become well-known for its innovative small, low-cost rocket, Prime. With a workforce of more than 160 technical and professional innovators, it is integral to building a competitive, innovative space industry in the Highlands. Orbex recently unsuccessfully attempted to merge its business with the international aerospace company The Exploration Company (TEC). The company’s future is in doubt after it lost its bid for Series D funding.
Orbex CEO Phil Chambers said he was devastated by the news. The company’s leadership team has left no stone unturned trying to locate additional funding or a white knight rescue, but all have been woefully inadequate. “Disappointing doesn’t come close to describing how we feel about this moment,” Chambers stated. He highlighted the major benefits that Orbex has brought to both the local economy and the wider UK space industry.
“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,” Chambers added. The firm’s Prime rocket is all set to change the game of small satellite launches with a commercial vehicle. The UK’s new spaceport is supposed to conduct its inaugural launch later this year from SaxaVord Spaceport in Shetland.
Orbex has received substantial backing from private investors, European venture capital, and the UK government, including millions of pounds from Highlands and Islands Enterprise (HIE). Without the ability to raise the key funding needed, the company’s future has been thrown into turmoil. Chambers warned that “all of this progress now risks being undone – and it is real people who will feel the consequences.”
“We will work with our partners through Pace (partnership action for continued employment) to do all we can to help those facing redundancy,” a spokesperson for HIE stated.
As Orbex navigates this challenging period, the firm’s impact on Scotland’s economy and its role in the UK’s aspirations for space exploration remain significant. The result of its negotiations and where it goes from here will be watched intently by industry insiders and workers, as well.