A SCOTTISH rocket company has received a new multi-million pound investment to help it off the ground.
Forres-based Orbex has been awarded £16.9 million in funding from six banks, including £10.5mn from the Scottish National Investment Bank.
The funds will go towards funding the company's Prime launch system during its testing period, with the firm aiming for its first flight in 2024.
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Prime will be launched from a spaceport in Sutherland, which broke ground in May 2023.
Phillip Chambers, CEO of Orbex, said: "Our technology is pivotal in making the UK a hub for European orbital launch, and we are entering a critical phase of development.
"We are building a sustainable, cost-effective launch vehicle to compete with the best of Europe’s spaceflight manufacturers.
"This additional funding will support our goal to push on into an operational launch phase and scale our business when the time comes.”
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Debris and discarded fuel tanks and engines often fall from rockets during their ascent, meaning most launches have to happen over open ocean.
The presence of the North Atlantic adjacent to Scotland's coast makes the Highlands and Islands one of very few places in Europe which can safely host orbital flights.
Nicola Douglas, executive director of innovation at the Scottish National Investment Bank, said: “The Bank recognises the unique potential the space industry offers for Scotland.
"We are perfectly placed to leverage our geographical location, vibrant business and innovation landscape, and our skilled workers to be one of the most significant global players in this growing industry.
"This follow-on investment comes at an exciting time as Orbex expands its manufacturing and looks to complete its Sutherland Spaceport this year.”
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