German space tech startup Isar Aerospace has raised €150 million ($174 million) from Eldridge Industries, a US-based investment firm. The funding was secured through a convertible bond, which may later be converted into equity.
The company announced that the fresh capital will be used to expand its satellite launch capabilities and increase production at its headquarters near Munich. Isar Aerospace is building Spectrum, a small launch vehicle designed to carry up to 1,000 kilograms into low Earth orbit.
In March this year, the company conducted the first launch of Spectrum from the Andøya Spaceport in Norway. Although the vehicle lost control shortly after liftoff and crashed, Isar considers the mission a learning success. “We didn’t reach orbit but we learned a ton from it, and it sets us up very well for the second flight that’s ahead of us,” said Daniel Metzler, CEO of Isar Aerospace.
Stella Guillen, Chief Commercial Officer, added, “We had a beautiful liftoff and 30 seconds of flight, enough to capture a lot of data, so we’re very, very happy.” While the cause of the malfunction has not been disclosed, the company plans a second launch later this year.
Isar is witnessing growing demand in Europe and already holds multiple launch contracts that extend until 2032. The company is also a strong contender in the European Launcher Challenge led by the European Space Agency, which could award up to €169 million per company to launch European institutional payloads and demonstrate enhanced launch service capacity.
ESA received 12 proposals for the challenge and is currently reviewing them. The results will be announced in July, with final funding decisions expected at the ESA ministerial meeting in November.
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