Orbex, a Scottish small satellite launch company with headquarters in Moray, is preparing to put itself into administration after missing out on critical investment. The firm, which as of 2023 employs around 160 people, has achieved notable success in building up the burgeoning space sector in the Highlands. It has had a hard time attracting a buyer or merging partner, putting its future in limbo.
The business employs a workforce of more than 150, highly skilled company. Yet, a lack of financial support has slowed its advancement, despite it planning to debut its Prime rocket later this year from Shetland’s SaxaVord Spaceport. Orbex’s Prime rocket is a small-scale and environmentally sustainable commercial launch vehicle, developed to deliver small satellites more affordably. That makes it an exciting carrier choice in the booming NewSpace arena.
The company had attracted investment from private investors, European VC, and the UK government prior. It brought in millions directly from Highlands and Islands Enterprise (HIE). The inability to raise highly anticipated Series D financing has created this dire straits.
Phil Chambers, Orbex’s CEO, expressed disappointment regarding the company’s current status.
“Disappointing doesn’t come close to describing how we feel about this moment,” – Phil Chambers
Chambers highlighted the company’s role in creating skilled jobs and advancing the UK’s space ambitions. For everything Orbex has achieved, the danger of losing it all has become all too real, cautioned him.
“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
The news about administration will have an obvious and immediate effect on Orbex’s workers and their families. HIE has pledged to work with a range of partners with its Pace initiative to support those at risk of redundancy.
“We will work with our partners through Pace (partnership action for continued employment) to do all we can to help those facing redundancy,” – Highlands and Islands Enterprise
HIE further noted the impact these cuts would have on Orbex and its staff.
“This situation will be a major blow to Orbex, its employees and their families,” – Highlands and Islands Enterprise
As the company prepared for its first test flights this year, it encountered a surprise setback. This doesn’t just spell trouble for Orbex—it douses hopes for the UK’s burgeoning dreams of a successful space sector.