Scottish orbital rocket company Orbex, based in Moray, is preparing for the worst. Now they’re preparing to make administrative appointments after having been unable to bring home the critical funding they need. The privately held company has a huge upfront cost — 160 full-time employees. It has taken a leading role in putting the Highlands at the forefront of nurturing the space industry. This year has seen some big progress for Orbex. They are currently conducting their first test flights and are on track to see their small, low-cost rocket, Prime, launch from SaxaVord Spaceport in Shetland later this year.
Now Orbex has a long list of firsts under its belt. The company is deeply in debt after not raising the necessary Series D round required to see it through its current cash-runway. The firm is reportedly actively marketing itself for a merger, or possible sale. Further, it is ongoing in collaborative discussions with international aerospace partner, The Exploration Company (TEC). As these discussions play out, Orbex would plan to operate business as usual as it evaluates potential paths.
Development agency Highlands and Islands Enterprise (HIE) has invested millions in grant funding for Orbex. They pointed to the tremendous leadership that the company has provided in support of the community’s growing space sector. HIE pointed out that as Orbex has grown, the company has cultivated a highly-skilled workforce and made significant investments to diversify the area’s economic landscape.
“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.” – Highlands and Islands Enterprise
This region was blessed with natural geographical advantages perfect for satellite launch sites. HIE has highlighted Orbex’s invaluable expertise in this field. The organization is continuing to look for signs of investment in Scotland’s burgeoning space sector.
“The region has the natural geographical assets that it an ideal location for satellite launch sites. We also have enhanced expertise, in no small part developed by Orbex through its work in Moray.” – Highlands and Islands Enterprise
According to Phil Chambers, the CEO of Orbex, in an interview with BBC News, the decision has left him “deeply disappointed”. In particular, he understood the company’s immense influence on job creation. He praised how it has raised Scotland’s profile within the UK’s space ambitions.
“Disappointing doesn’t come close to describing how we feel about this moment,” – Phil Chambers
Chambers remained optimistic, despite all the daunting obstacles. On a more positive note, he paid tribute to Orbex’s significant role in fostering positive narratives around the UK’s emerging space sector.
“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
