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The announcement mentioned that the investment will assist in financing Orbex's Prime rocket, which will be the first rocket to be manufactured and launched into orbit in the UK.
The Prime rocket, created to send small satellites into low Earth orbit, is set for launch from Scotland's SaxaWorld spaceport in late 2025, according to the statement. The UK government claims it will strengthen the UK's status as “a top producer of small satellites and a global leader in space” while backing 140 well-paying jobs in the area.
The funding will additionally aid the government's objective to boost the economy, improve the UK's capability to frequently send rockets into orbit from its coasts, and draw investment to the UK, the statement reads.
Orbex CEO Philip Chambers stated that this government investment “shows its trust in the UK space rocket manufacturing and launch industry.” The total funds raised by the company in the recent fundraising campaign are £23 million ($28.5 million).
source: ft.com
The Prime rocket, created to send small satellites into low Earth orbit, is set for launch from Scotland's SaxaWorld spaceport in late 2025, according to the statement. The UK government claims it will strengthen the UK's status as “a top producer of small satellites and a global leader in space” while backing 140 well-paying jobs in the area.
The funding will additionally aid the government's objective to boost the economy, improve the UK's capability to frequently send rockets into orbit from its coasts, and draw investment to the UK, the statement reads.
Orbex CEO Philip Chambers stated that this government investment “shows its trust in the UK space rocket manufacturing and launch industry.” The total funds raised by the company in the recent fundraising campaign are £23 million ($28.5 million).
source: ft.com
