Pangea Aerospace Secures €23 Million to Advance Rocket Engine Development
WASHINGTON, D.C. — Spanish space propulsion startup, Pangea Aerospace, has successfully raised 23 million euros ($25 million) in a Series A funding round. This capital injection is earmarked for the accelerated advancement of its innovative rocket engine technologies, intended for application in launch vehicles and spacecraft.
Investment Led by Hyperion Fund
The Series A funding round was spearheaded by Hyperion Fund, a Madrid-based investment firm concentrating on aerospace, cyber, and defense sectors. Several other firms and individual investors also participated, notably André-Hubert Roussel, the former Chief Executive Officer of ArianeGroup.
Strategic Growth in European Market
Based in Barcelona with a secondary office in Toulouse, France, Pangea Aerospace will utilize the newly acquired funds to bolster its expansion within the European propulsion systems market. The company aims to cater to both institutional and private sector clients, with strategic plans to enlarge its manufacturing and testing infrastructure.
Aerospike Engine Technology
Pangea Aerospace is recognized for its pioneering work in aerospike engines. This technology is lauded for its potential to deliver enhanced efficiency, although its development has historically presented significant technical hurdles. In 2021, the company successfully tested a prototype aerospike engine design, leveraging state-of-the-art 3D printing methodologies.
Contracts and Future Applications
In a funding announcement released on March 18, Pangea Aerospace disclosed that it currently holds eight active contracts with various companies and institutions. These include agreements with the European Space Agency (ESA) to investigate the design of high-thrust engines for integration into future European reusable launch vehicles and the potential application of its engine technology in reusable upper stages. Currently, none of these designs have been deployed in space.
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Focus on Propulsion Systems
Pangea Aerospace emphasizes its continued dedication to propulsion system development, clarifying that it has no immediate plans to venture into the development of complete launch systems or other spacecraft. The company draws a parallel to the business model of Rolls-Royce in the aviation industry, which supplies jet engines to numerous aircraft manufacturers. Pangea believes this focused approach has already proven viable with a diverse portfolio of private clients.
Diverging from Industry Trends
This business strategy contrasts with the prevailing trend in the launch sector, where most launch vehicle developers also internally manufacture their engines to optimize technical performance and cost-effectiveness. A notable exception is United Launch Alliance (ULA), which utilizes engines from Blue Origin and L3Harris for its Vulcan Centaur rocket.
Hyperion Fund’s Inaugural Aerospace Investment
The investment in Pangea Aerospace marks the inaugural aerospace venture for Hyperion Fund, which recently announced the completion of its first fund at 150 million euros. This fund is dedicated to supporting companies operating within the aerospace, defense, cybersecurity, and artificial intelligence domains. Hyperion Fund stated that it is engaged in discussions with “top firms” in NATO countries regarding further investment opportunities.
Hyperion Fund emphasized in its fund closure announcement: “In this critical geostrategic period, we are committed to supporting founders and companies who share our vision of reinforcing the technological sovereignty and security leadership of allied nations.”