EU space startup The Exploration Company (TEC) has raised $160 million to build the first European space capsule.
The Series B round was co-led by Balderton Capital and Plural, with participation from several additional investors.
Founded in 2021 by Hélène Huby, former VP Orion-ESM at Airbus, and a team from Airbus and ArianeGroup, The Exploration Company develops, manufactures, and operates spaceships to serve the logistical needs of space stations and space exploration.
TEC is developing Nyx, a reusable and in-orbit refillable spacecraft that can be launched from any heavy launcher and fly to any space station.
TEC said Nyx will be able to return to Earth with up to 3,000 kg of cargo – the largest down-mass available worldwide – and subsequently refurbished for its next mission. TEC said the cost of this service will be 25% to 50% less than other vehicles.
With a focus on reusable and refillable spacecraft, TEC aims to make space exploration affordable, modular, and sustainable.
The funding brings TEC’s total raised to nearly $230 million and will be used to develop and test Nyx, expand the 200-strong team, and scale capacity.
TEC operates out of Germany, France, and Italy, with offices in Houston and in MENA (Middle East and North Africa). It is the first European company which has signed a Space Act Agreement with NASA.
TEC said it reached a major milestone this year when it signed its first major contract with the European Space Agency (ESA), ranking number one in the European space capsule competition. The company is on track to launch its mid-size capsule, Mission Possible, in 2025 carrying 300kg of customer payloads. Nyx Earth’s maiden flight is set for 2028, to carry cargo for ESA to the International Space Station.
Balderton partner David Thevenon said: “With their unparalleled expertise and visionary approach, The Exploration Company is poised to redefine European leadership in space exploration.
“Their mission to make space exploration more accessible and sustainable promises to unlock unprecedented opportunities not just for Europe, but for humanity’s future in space.
“We’re thrilled to fuel this journey toward a new era of European space leadership – one that will reshape our understanding of what’s possible beyond Earth.”
TEC CEO and founder Hélène Huby said: “This significant raise is a reflection of not only the talent and commitment of the team at TEC but also that building global companies with European roots can only be done through fostering trust and cooperation between European countries. 98% of our shareholders are European, demonstrating that the continent can finance bold entrepreneurs.
“Space will play a critical role in shaping humanity’s future, and I want to contribute to building a future which is peaceful and cooperative and our European DNA fits perfectly with this mission.”