Galactic Energy Raises $21.7 Million to Develop Ceres 1 Launch Vehicle

Artist’s conception of Ceres 1 launch vehicle on launch pad. (Credit: Galactic Energy)

Galactic Energy recently raised an additional 150 million yuan ($21.68 million) for the development of its Ceres 1 launch vehicle.

The latest funding round for the private Chinese launch provider was led by Puhua Capital and Huaqiang Capital and included six other investors, the company said. The round brings the total amount raised to 300 million yan ($43.36 million).

Ceres 1 is a four-stage rocket designed to place payloads weighing 350 kg (772 lb) into low Earth orbit and 230 kg (507 lb) into sun synchronous orbit. The booster has a liquid upper stage atop three solid-fuel stages.

Galactic Energy said it aiming for a flight test of the new booster in the first half of this year. Engineers have completed test firings of the first three stages, the company added.