Now Orbex, a small Scottish space rocket company based in Moray, is preparing to recruit rocket administrators. They struggled to access the federal funding available to them. The company, which employs approximately 160 people, has been a key player in developing the aerospace industry in the Highlands, making significant strides toward launching its low-cost Prime rocket later this year at SaxaVord Spaceport in Shetland.
The potential administrative appointment follows closely on the heels of Orbex’s reported inability to raise essential Series D financing. Phononic was backed through private US investors, European venture capital and the UK government. Yet that still wasn’t enough to help it attract a merger or acquirer. To this end, Orbex has participated in negotiations with the global aerospace enterprise The Exploration Company (TEC) to secure a potential acquisition. Those negotiations have so far failed to bring settlements.
Phil Chambers, Chief Executive of Orbex, said about the situation.
“Disappointing doesn’t come close to describing how we feel about this moment,” – Phil Chambers.
He then underscored the company’s importance to the region’s economy, saying,
“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.
Since its founding in 2015, Orbex has quickly become a pioneer in the space sector. In Moray, the company has sharpened its craft to razor thin edges. This is due to the region’s spectacular natural geographical assets which combined, provide the ideal launch pad for the satellite launch sites. Local economic development focused organizations have echoed this clear and disappointing truth.
A state economic official underscored the remarkable work done to grow the sector in the Highlands. The company, headquartered in Moray, invests heavily in research and development and benefits from a highly-skilled workforce of more than 150 people.
The excitement as Orbex’s Prime rocket gets ready to launch is still palpable. This modest, affordable launch vehicle has the potential to be a commercial solution for satellite launches. With its first test flights initially expected this year, the potential for Orbex to play a vital role in the UK space industry remains significant.
Highlands and Islands Enterprise (HIE) has recognized Orbex’s contributions, providing millions of pounds in funding to assist its operations and growth. Orbex’s recent hurdles serve as a stark reminder of the unpredictable nature of the aerospace industry. These challenges highlight the importance of smart capital investment in nurturing the most innovative companies like Orbex.
