The Exploration Company (TEC) has secured $450 million in a Series C funding round, marking the largest such investment for a European space firm. The round was co-led by Atomico, EQT-managed Scaleup Europe Fund, and Bessemer Venture Partners. Alex Ferrara from Bessemer will join the company's board of directors.
Led by CEO Hélène Huby, the company plans to use the capital to develop a reusable heavy-lift launch vehicle and the Storm rocket engine. The firm is currently working on the Nyx capsule, designed for cargo transport and future human spaceflight, with a target to dock with the International Space Station and return to Earth by November 2028.
TEC reports having 10 Nyx missions booked, with over $2 billion in contracts and commitments from partners including NASA and the European Space Agency. The company aims to utilize full-flow stage combustion engine technology, which it claims is a first for a European developer.
The funding round arrives as the company seeks to provide a competitive alternative to SpaceX. While TEC focuses on its current roadmap, it acknowledges the need for further investment to construct a launch pad and complete the development of its larger rocket, aiming to address the growing demand for space infrastructure.
