The Exploration Company secures $450M Series C to scale reusable space transportation
European space company The Exploration Company (TEC) has raised $450 million in Series C funding to accelerate the development of its reusable space transportation systems and scale its operations.
The round was co-led by Bessemer Venture Partners, Atomico and the Scaleup Europe Fund, managed by EQT, with existing investors Balderton, Plural, Cherry and Red River West also participating. Bessemer's Alex Ferrara will join TEC's board of directors. The latest round brings the company's total funding to around $680 million.
Founded by Hélène Huby, TEC is developing reusable spacecraft and propulsion technologies to transport cargo between Earth and orbit. The company is targeting growing demand for space-station logistics and in-orbit services as space infrastructure becomes increasingly important for communications, scientific research, security and other critical applications.
TEC's immediate focus is Nyx, a reusable space capsule designed to deliver cargo to current and future space stations before safely returning it to Earth. The spacecraft could eventually also support crewed missions. TEC plans to demonstrate Nyx's end-to-end reusable orbital transportation capabilities by docking with the International Space Station (ISS) before returning to Earth.
Huby said that while space infrastructure is becoming increasingly important to services on Earth, access to orbit, mission resupply and safe return capabilities remain limited.
This financing will allow us to execute with urgency: to bring Nyx to the International Space Station and safely back to Earth, while accelerating Storm, the high-thrust propulsion capability Europe needs for its future reusable heavy launcher.
We are scaling from Europe with talent, customers and partners from around the world because the next generation of space transportation must be built to serve more nations, industries and people – and because our mission is to contribute to build a more collaborative and peaceful future in space,
Huby said.
European Commission President Ursula von der Leyen said the financing highlights Europe's ability to combine technological ambition and innovation with growth capital. She also pointed to TEC's operations across several EU member states, the involvement of the Scaleup Europe Fund and the importance of female leadership in the technology sector.
According to TEC, the Series C represents the largest funding round raised by an EU-headquartered company led by a female founder and CEO.
A portion of the new capital will support the development and testing of Storm, TEC's high-thrust rocket engine powered by oxygen and methane. The engine is being developed for a future reusable European heavy-lift launcher capable of carrying up to 40 tonnes into low Earth orbit. Development will include testing the engine's pre-burners and power system, followed by trials of a complete engine prototype.
Beyond technology development, TEC says it has secured more than $2 billion in contracts and commitments from public and private customers worldwide. Its customers and partners include the European Space Agency (ESA), with the company also holding cargo logistics agreements with commercial space-station operators. TEC has additionally signed a Space Act Agreement with NASA and is collaborating with the agency on technical, safety and certification requirements for potential future missions to the ISS and commercial space stations.
Subject to regulatory approvals, the Series C will also fund new hires and strengthen TEC's engineering, manufacturing, mission operations, propulsion and programme delivery teams as the company scales its activities.