Scottish rocket company, Orbex, has called in the administrators, with the majority of its 163 staff made redundant.
FRP Advisory said that it was in “active discussions” with several interested parties, including some in the same field.
“Orbex was at the forefront of the UK’s ambitions to create a sovereign space launch capability, and has made significant technological progress in recent years,” said Chad Griffin, joint administrator and partner at FRP.
“Our focus now is on supporting employees, and engaging with potential interested parties to preserve value in the business assets and seek to retain space launch operations in Forres given the investments already made.
“We are already in contact with more than 20 potential suitors and encourage any further approaches from prospective buyers or investors to come forward.”
Orbex was established in 2015 and was one of only 2 rocket manufacturers in the UK and the only to operate its own space port, which was in Sutherland.
Prime, which was a 19m long, 2-stage rocket was designed to transport small satellites into low earth orbit.
READ MORE – North East space tech firm secures £47.3m SpaceX order
In 2022, the company was valued at £160m after a fundraise and as recently as last year, the UK government invested £20m into Orbex. It was also picked to be part of the European Space Agency’s “Launcher Challenge” a £150m contract to fly a smaller orbital rocket by 2027 and increase its capacity by 2028.
In April last year it also raised £16.7m from backers including Scottish National Investment Bank, venture capital firms Octopus Ventures, BGF, Heartcore, the Export & Investment Fund of Denmark (EIFO) and a number of corporate and angel investors.
However, Chief Executive, Phil Chambers said that Orbex needed to find at least “another £120m” over the next 4 years to achieve its plans.
“Disappointing doesn’t come close,” he said in a statement on February 11th explaining that they needed the cash because of the long lead times and they’d worked “tirelessly” to find a solution.
The company started the process of appointing administrators after failing to raise new funding or securing a buyer.
READ MORE – One giant leap as Manchester reveals graphene space habitats
Orbex said in a statement on social media:
“Our Journey to Launch formally came to an end today.
“It’s not the conclusion we hoped for, but we remain incredibly proud of everything we accomplished together at Orbex – the milestones we reached, the challenges we overcame, and the ambition we poured into every step of this journey.
“The talented Orbex Team will now take their expertise and passion into new roles and adventures. We couldn’t be prouder of each and every person who contributed to this chapter – Orbex and Prime will forever be part of the UK Space Story. The Team’s work, dedication, and spirit are the legacy of Orbex.
“[…] Thank you for being part of our amazing journey!
Ad Astra….🚀”
