Europe wants to reduce its dependence on foreign countries in several sectors, and is working to build its own solutions. An example of this is The Exploration Company (TEC), rival to SpaceX, which raised $160 million for a reusable capsule intended to transport astronauts and cargo into space.
TEC announced today that it has raised $160 million to fuel the development of its capsule, designed to transport astronauts and cargo to space stations.
Venture capital firms Balderton Capital and Plural were the main investors in the round, which also included the French Government-backed investment vehicle French Tech Souveraineté and the German Government-backed fund DeepTech & Climate Fonds.
It's a big market and it's growing a little more than 10% a year, because there are more nations that want to take their astronauts and more nations that want to go to the Moon. So there is an increase in demand to send people to stations, send freight to stations.
Said Hélène Huby, founder and executive director of TEC, in an interview with CNBC.
TEC's main product is Nyxa capsule that can be launched by rockets into space, carrying passengers and cargo. Nyx is reusable, so after releasing its payload, it can re-enter Earth's atmosphere and be used on a follow-up mission.
At the moment, although the sector does not bring together many players, it includes relevant names, such as SpaceX, which owns Crew Dragon.
European companies want to put Europe on the space map
According to Huby, the company embraced the space challenge, "so that Europe can have its own capsule and also because the world needs an alternative solution." From his perspective, "we can't just bet on SpaceX".
TEC is currently developing the second version of Nyx, which it hopes to launch next year, followed by a final version in 2028. This model will be partially funded by the European Space Agency.
TEC's founder and executive director revealed that the company signed contracts worth US$800 million to use its capsule. These include mission agreements with companies such as Starlab, which is designing a new space station, and Axiom Space.
If there are more people, there is also a need for more cargo. This is what is happening around the Earth and the Moon.
Hélène Huby said, adding that she sees TEC as a key player in developing the technology needed to return cargo to Earth after it has been in space.
Source: pplware.sapo.pt
