The Exploration Company raises 40.5 million euros

It was only in July 2021 that "The Exploration Company" was founded by Hélène Huby and a team of experienced aerospace engineers. Their project: They want to democratize the conquest of space, making it accessible to as many people as possible. They have gathered the necessary know-how from some of the largest space programs, including the European Service Module (ESM). This is the primary power and propulsion component of the Orion spacecraft that will return humans to the Moon. And members of the team have also worked on Ariane. But while Europe's heavy-lift rocket has been in the headlines for its years-long delays, Huby and her team are showing how things can be done more quickly.

The first re-entry demonstrator was built in just nine months. The current funding will be used to develop a second one. It is expected to fly into space for the first time in 2024 and return to Earth in a controlled manner. The Bavarian company is planning the first flight of the actual space capsule for 2026, and just two years later, in 2028, it should be on its way to the moon.

Nyx - reusable, refuelable and versatile space capsule

The final capsule, Nyx - named after the Greek goddess and personification of night - will carry cargo and people into space. In the spirit of democratization, The Exploration Company is targeting both institutional and commercial customers. Nyx will be used to resupply space stations and conduct long-distance research missions. According to the company, transportation to Earth's orbit will cost 20,000 euros per kilogram. Four tons can then remain in low Earth orbit for up to six months. Between two and five tons will be transported to the moon, depending on the landing procedure.

The cost per kilogram would then be at least 150,000 euros. What is still an unaffordable sum for the layman is far below many of today's prices. This is made possible by a number of factors. For one thing, the capsule is reusable, which keeps costs down. Second, Nyx is multifunctional and can be refueled in orbit. Huby's team also took into account the current dynamics of launcher development. The system should be launcher-independent, i.e. it should be able to be launched with different rockets.

Within this decade, we will see humanity expand into space and building space stations, sometimes in partnership with the private sector, around the Earth and the Moon, paving the way for humans' sustainable settlement on the Moon and beyond. Currently, these transformational developments are led by a few players. We want to democratize space exploration by providing more sustainable and affordable capacities. Nyx, our spacecraft, is the first space capsule to be privately funded, the first to use green propellants and the first to open source its operating system. As such, we can enable nations, space & non-space industries and individuals to participate in and contribute to the building of the new space world.

Hélène Huby, Co-Founder & CEO The Exploration Company

Open source for democratized access to space

A look at Nyx's peripherals shows what Huby means by this. Not only the space capsule is under development, but also the hardware and software. These are designed as open source, i.e. they have open interfaces. Based on this, customers can develop the platform according to their needs. The corresponding software will later be available in a separate SpaceStore (Nyx Store). The approach is thus strongly reminiscent of software companies, some of which rely heavily on the power of an agile and active community. To be able to implement such an approach, which is disruptive in the space industry, requires a lot of self-confidence. But that's what Huby has, and she's not afraid to hold up a mirror to Europe's space strategy to date. Says Huby, "In the absence of a European solution for transporting goods and people to space stations around the Earth and the Moon, we're giving Europe the opportunity to participate in the exploration of new space worlds."

For a long time, Europe excluded independent access to space, so that today there are numerous international dependencies. In the case of cooperation with Roscosmos, this has been bitterly avenged since February 2022. Under Josef Aschbacher, the European Space Agency is currently undergoing a massive reorientation, but this will take some time. But the need for access to space is already apparent and creating a lot of momentum in the NewSpace ecosystem. And The Exploration Company intends to play an important role in that ecosystem. "We are providing Europe with the capacity to participate in the exploration of the new space worlds, while creating a sustainable, affordable and alternative global player," says Hélène Huby.

Series A financing raises more than 40 million euros

The financing round was led byEQT Ventures and Red River West. In addition, new and existing investors such as Promus Ventures,Cherry Ventures, Vsquared, Omnes Capital, July Fund, Partech, Habert Dassault Finance, Schlumberger, WMA, Possible Ventures, Rymdkapital und Sista Fund participated. In total, 40.5 million euros were raised. The fresh capital will now be used to commercialize the first fully functional space capsule, complete the second demonstrator and launch it for testing purposes. To ensure that the project to democratize the exploration of space can really succeed, the team is also to be expanded.