A SCOTTISH environmentally-friendly space rocket manufacturer and satellite launch provider is set to expand its operations after raising over £40 million.
It includes a £17.8 million investment by the Scottish National Investment Bank, which led the funding round.
The scale-up support will help Moray-based Orbex unlock significant additional funding sources to boost plans for future projects.
Support from the bank was also pivotal in leveraging additional investment from new and returning investors.
Earlier this year, Orbex unveiled a prototype of its small satellite launcher, ahead of a debut flight from the Space Hub Sutherland spaceport over the coming months.
It is claimed the innovative Prime rocket will be the first orbital rocket to be powered by a renewable bio-fuel, Calor’s Futuria Liquid Gas. A form of bio-propane, it helps reduce the carbon footprint of a launch by up to 96 per cent compared with similarly-sized launch vehicles powered by fossil fuels.
Chris Larmour, Orbex chief executive, said: “This new funding round, which was led by the bank, will allow us to continue to build Orbex towards our long-term goal of building a reliable, economically successful and environmentally sustainable European space launch business.”
Nicola Douglas, executive director, Scottish National Investment Bank, said: “This is a very exciting time for the Scottish space sector. With Orbex, we will have a rocket assembled in Scotland, launching from Scotland and likely transporting satellites built in Scotland into orbit.”
The latest funding round saw an ongoing commitment from returning investors Octopus Ventures, BGF, Heartcore Capital, and High-Tech Gründerfonds.
Other new investors include Jacobs, the global technology-forward solutions company, the Danish Green Future Fund, Verve Ventures and British entrepreneurs Phillip and James Chambers, founders of Peakon and Hazport respectively.
Old Course underlines Brexit ‘risk’ as hotel returns to the black
THE company that owns the five-star Old Course Hotel in St Andrews has underlined the “risk” posed to staff recruitment and retention by Brexit and Covid while highlighting the impact of the weak pound, as new accounts show it returned to the black in 2021.
Accounts for The Old Course Limited, which is 99.8 per cent owned by Kohler Scotland, said revenue increased by more than 200 per cent to £25.8 million in the year ended December 31, after trading was boosted by the lifting of Covid restrictions.
Dundee-based Ace Aquatec secures distribution deal in Greece
ACE Aquatec, the Dundee-based fish farm technology specialist, has appointed a distributor for its in-water electric stunners in Greece.
The company said the partnership with Stamatiou Aquaculture will accelerate the adoption of newer, higher welfare technology at the point of harvest.
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