Isar Aerospace secures €150 million to bolster Europe’s launch capabilities.

      Isar Aerospace, Europe's top-funded space tech company, intends to enhance the continent's capabilities for accessing orbital satellites following a €150 million funding round to develop its launch services.

      Daniel Metzler, the CEO and co-founder of Isar, stated that the investment signifies “strong confidence” in the firm's goal to emerge as a new leader in the European space sector.

      “We are addressing the growing global demand for satellite launch services and enabling governments and markets worldwide to have independent and flexible access to space,” he explained.

      Established in 2018 as a spin-off from the Technical University of Munich, Isar aims to reduce the cost and complexity of launching small to medium-sized satellites by providing launch services directly from Europe.

      Currently, Europe's primary rockets, Ariane 6 and Vega C, launch from the continent's main spaceport located in French Guiana, South America. Additionally, many European companies depend heavily on SpaceX for access to orbital space.

      In March, Isar conducted the first launch of its Spectrum rocket, which was notable for being the first vertical orbital rocket launch in continental Europe outside of Russia. Although the rocket exploded shortly after liftoff, this event could pave the way for future commercial launches directly from Europe.

      “We experienced a successful liftoff, 30 seconds of flight, and were able to validate our flight termination system,” Metzler commented at that time. “With this outcome, we feel confident proceeding to our second flight.”

      Isar announced that its Spectrum launch vehicles 2 and 3 are already in production, although no specific timeline has been given for the next launch.

      The funding was provided by the American investment firm Elridge Industries in the form of a convertible bond, bringing Isar's total fundraising to over €600 million, according to Dealroom data.