Space Exploration has developed a product called Nyx, a reusable capsule that can be launched into space by rockets carrying passengers and cargo.
The Exploration Company (TEC) announced Monday that it has raised $160 million to develop its capsule designed to carry astronauts and cargo to space stations.
Venture capital firms Balderton Capital and Plural were the lead investors in the round, along with French government-backed investment vehicle French Tech Sovereignty and German government-backed fund DeepTech & Climate Fonds.
TEC’s primary product is the Nyx, a capsule that can be launched into space by rockets carrying passengers and cargo. Nyx is reusable so once it has released its payload it can re-enter Earth’s atmosphere and be used for the next mission.
“It’s a big market, and it’s growing by about 10 percent every year because more nations want to fly their astronauts and more nations want to go to the moon,” TEC founder and CEO Hélène Huby told CNBC. The interview
“So there’s been an increase in demand for sending people to stations, sending cargo to stations,” he said.
There are very few players in this market segment. Some of the largest are SpaceX with a capsule called Dragon. China and Russia also have rivals.
“We said, ‘OK, let’s build this capability in Europe so that Europe has its own capsule and the world needs an alternative solution. [We] Can’t just bet on SpaceX,” Huby said.
TEC is currently developing a second version of the Nyx that it expects to launch next year, followed by the final version in 2028. The model will be partially funded by the European Space Agency.
Hubby said the company has signed $800 million in contracts to use its capsules. These include mission contracts with companies including Starlab, which is designing a new space station, and Axiom Space.
There is growing activity in space between countries including China, the US and India. One of the most ambitious projects is the NASA-led Gateway, which will be the first space station to orbit the Moon.
“If you have more people, you need more stuff. So that’s what’s happening around Earth and around the moon,” Hubby said.
Huby sees TEC as a key player when it comes to developing the technology needed to return cargo to Earth after it’s been in space.
“This is where we believe our vehicle is going to play an important role,” Hubby said.
