November 18, 2024 – According to a report from CNBC, European space exploration company The Exploration Company (TEC) has announced the completion of a new round of funding, raising $160 million to further develop its reusable spacecraft designed to transport astronauts and cargo to space stations.
The funding round was led by Balderton Capital and Plural, with additional participation from French Tech Souveraineté, backed by the French government, and DeepTech & Climate Fonds, supported by the German government. TEC’s flagship product, Nyx, is a reusable space capsule that has garnered significant attention.
It is noteworthy that the European Space Agency (ESA) recently selected TEC, along with Thales Alenia Space, to provide commercial cargo services to the International Space Station. This move is seen as a first step towards creating a European version of SpaceX.
This development signifies that ESA is following the strategy adopted by NASA over the past two decades, which involves purchasing flight services from commercial aerospace companies rather than commissioning the development of rockets and spacecraft. With this new influx of capital, TEC is poised to make significant progress in its mission to advance reusable spacecraft technology and expand Europe’s presence in the commercial space industry.
