Galactic Energy Raises $30 Million, Moves Forward on Pallas-1 Booster

Ceres-1 booster (Credit: Galactic Energy)

by Douglas Messier
Managing Editor

Galactic Energy, which became the second private Chinese launch provider to orbit a satellite on Saturday, has announced that it completed a Series A financing round of 200 million yuan ($30.25 million) in September.

In a press release, Galactic Energy said the funding will be used to manufacture and perform upgrades on the solid-fuel Ceres-1 small-satellite booster that flew last week. The funding will also allow the company to continue research and development on its larger liquid-fuel Pallas-1 (Zhishen-1) booster.

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