Orbex set to appoint administrators
Image courtesy Orbex
Orbex has filed a notice of intention to appointment of administrators and will continue trading while all options for the future of the company are explored, including potential sale of all or parts of its business or assets. The notice provides short-term protection and allows the business time to secure as positive an outcome as possible for its creditors, employees and wider stakeholders.
The funding required for Orbex to remain a viable business was sought from a variety of public and private investors during its Series D funding round, which has ultimately failed. Several merger and acquisition opportunities have also been explored, with none resulting in a favourable outcome.
Phil Chambers, CEO of Orbex, said: “Disappointing doesn’t come close to describing how we feel about this moment. We have been successfully developing a sustainable, world-class sovereign space launch capability for the UK and were on the cusp of our first test flights later this year.
“It is no secret that designing and building space rockets to enable a launch service is a capital-intensive, highly advanced process with a long development cycle that creates a ‘scale-up’ funding gap. Institutional support is a crucial to bridge this gap and we have worked tirelessly to try to find both funding or rescue solutions.
“What is most disappointing is that we have brought hundreds of skilled jobs to Scotland, we have been at the vanguard of the UK’s space ambitions, we have led the way in driving good news about the UK’s space sector. Yet all of this progress now risks being undone – and it is real people who will feel the consequences.”
The first test launches of Orbex’s microlauncher Prime were due to take place later this year. Orbex already has commercial launch commitments from several satellite customers for Prime, which is one of the most advanced, low-carbon microlaunchers in the world.
