The Exploration Company closes 150 million euro Series B round

Marc Nemitz Marc Nemitz | 18.11.2024

The Exploration Company closes largest Series B round in the European space industry to develop the first European reusable space capsule Nyx and strengthen Europe's sovereignty in space

Munich, Bordeaux, Houston, Turin, November 18, 2024 - European space company The Exploration Company (TEC) announces the closing of its Series B funding round of 150 million euros - a record amount in the European space industry. The round was led by VCs Balderton Capital and Plural, with support from Bessemer Venture Partners, NGP Capital and French sovereign wealth funds such as French Tech Souveraineté and the DeepTech & Climate Fund (DTCF). This strategic support from sovereign wealth funds is a significant step towards making European space more independent and resilient.

Nyx: the first reusable European space capsule

With the reusable space capsule Nyx, TEC is developing a flexible solution for the transportation of cargo in space. Nyx will be refuelable, can dock with any space station and is designed to transport up to 3,000 kilograms of cargo back to Earth - the world's largest capacity for reusable capsules.

TEC plans to test this innovation as early as 2025 with a smaller mission, "Mission Possible". The first flight of the larger "Nyx Earth" capsule is planned for 2028 to transport cargo to the International Space Station (ISS).

Focus on Europe's space sovereignty

The new Series B funding will enable TEC to further advance the development of the capsule and expand the team to over 200 employees. Hélène Huby, co-founder and CEO of TEC, sees this financing not only as recognition of the team's expertise, but also as a commitment to European innovation.

With 98% of our investors coming from Europe, this round shows that our continent is ready to turn bold technological projects into reality. Space will shape the future of humanity and we want to help shape a peaceful and collaborative era of space exploration.

Hélène Huby, co-founder and CEO of TEC

TEC estimates the market potential for space logistics in low earth orbit and around the moon at over 300 billion US dollars over the next ten years. Space stations such as Axiom, StarLab and the Lunar Gateway will urgently need Europe's independence and innovative strength. TEC is already in the running to deliver the first European space capsule to ESA and NASA and to establish important collaborations.

Investors back European space travel

David Thévenon, Partner at Balderton Capital, emphasized: "We are delighted to support TEC on its journey to extend European leadership in space exploration. Nyx represents a huge step forward for Europe's space industry and opens up new possibilities for space exploration. We look forward to working with TEC to usher in an era of European space sovereignty." Khaled Helioui, Partner at Plural, added: "TEC offers Europe's first opportunity to launch critical assets safely and independently into space. We are convinced that with its visionary approach and excellent leadership, TEC will take Europe to a new level in the global space sector."


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