Chinese Commercial Rocket Firm Galactic Energy Completes Financing of 1.27 Billion Yuan
Galactic Energy, a Chinese private space launch firm, announced Sunday that it had completed its Series B and B+ rounds of financing totaling 1.27 billion yuan ($200.6 billion).
These two rounds were led by Oriental Fortune Capital (OFC) and Huaqiang Capital, followed by many capital institutions such as AVIC Industry Finance, China Veterans Investment and Essential Capital. Proceeds will be used to accelerate the development of medium to large reusable oxygen and kerosene carrier rocket products like “PALLAS-1″and infrastructure.
Established in February 2018, Galactic Energy is the leading enterprise in the field of commercial launch vehicles in China. The company is committed to innovative R&D for a new generation of low-cost and highly reliable commercial launch vehicles, providing flexible, fast and financially efficient space launch services for industry users.
At present, Galactic Energy has made some progress in small solid launch vehicles and medium and large liquid launch vehicles.
In terms of small solid commercial launch vehicles, Galactic Energy successfully launched its self-developed “CERES-1 (Remote 1 and Remote 2),” two small commercial launch vehicles with the highest cost performance, on November 7, 2020 and December 7, 2021. The rockets have completed the orbit launch service of six satellites for commercial customers.
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In terms of medium and large liquid commercial launch vehicles, the company started the R&D project of “PALLAS-1” reusable liquid oxygen and kerosene launch vehicles at the end of 2018. The low-orbit carrying capacity of this rocket model is not less than five tons, and the expanded bundled configuration can reach 14 tons, with 50 designed reuse times.
At present, the development of this model is progressing smoothly, and the related products spanning structural systems, electrical systems and power systems have been put into production. The test run of the main engine is just around the corner following the final assembly, and it is planned to make its first flight into orbit in June 2023.