The Exploration Company (TEC), a rising European competitor to SpaceX, has achieved a significant milestone in its mission to revolutionize space transport. With the announcement of a $160 million (€151.7m) Series B funding round, TEC is one step closer to launching its reusable spacecraft, Nyx, designed to transport both passengers and cargo to the International Space Station (ISS).
Series B Funding Sets the Stage for Nyx Development
Founded in 2021, TEC has now raised a total of nearly $208 million (€197m), with government-backed funds from Germany and France making up a large portion of the latest round. TEC's ambitious goal is to rival SpaceX's Dragon, a reusable spacecraft developed by Elon Musk’s company for cargo and human space travel.
The Series B funding round was led by venture capital firms Balderton Capital and Plural, with additional support from government-backed entities such as French Tech Souveraineté and DeepTech & Climate Fonds, supported by the German government. This round follows a €40m Series A funding round in February, co-led by EQT Ventures, marking steady growth in TEC’s financial backing.
Nyx: A European Alternative to SpaceX's Dragon
The funds raised will be directed towards further developing TEC’s flagship spacecraft, Nyx, a reusable capsule intended for low Earth orbit (LEO) cargo and passenger missions. With the first mission set for 2028, Nyx aims to be a direct competitor to SpaceX's Dragon capsule. Unlike SpaceX’s Dragon, which is funded primarily by NASA, Nyx is privately funded—making TEC the first company of its kind to offer reusable capsules capable of flying to space stations without relying on government funding.
TEC’s Nyx spacecraft has a planned launch for its second version in 2025, with the initial operational missions expected to begin in 2028. The European Space Agency (ESA) is one of TEC’s key partners, having signed an agreement in May 2023 for LEO Cargo Return Service, which includes €25m in funding to support the company’s early missions.
Expanding Market Potential and Strategic Contracts
In addition to government support, TEC has already secured an impressive $770m (€730m) in contracts from private space station developers. Notably, in May 2023, the company reached a deal with Starlab Space, a LEO commercial space station, for three pre-booked cargo missions. TEC also signed a similar agreement with Axiom Space in September 2023, further cementing its position in the emerging market for space cargo services.
As Hélène Huby, co-founder and CEO of TEC, notes, the global space cargo market is growing rapidly, with an estimated annual growth rate of more than 10%. Currently, the market is dominated by SpaceX and Northrop Grumman, but new players, including companies from China, India, and Russia, are beginning to emerge. TEC’s competitive advantage lies in its ability to operate across multiple countries, giving it flexibility that SpaceX's Dragon lacks, as it is specifically designed to launch from
SpaceX rockets.
Looking Ahead: Ambitions for European Space Independence
In her remarks, Hélène Huby emphasized TEC’s goal to bring greater competition to the space industry, stressing the need for alternative options in the space transport market. "The world needs more competition, and TEC is building an alternative," she said. With its solid funding and growing contract portfolio, TEC is well on its way to becoming a formidable player in the global space transport industry.
Source: Euronews
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