- Parabolic Arc
- June 2, 2023
Galactic Energy Raises $200 Million to Continue Development of Reusable Pallas-1 Launch Vehicle
Translated from Chinese by Google Translate
BEIJING (Galactic Energy PR) — From July to December 2021, Galactic Energy (Beijing) Space Technology Co., Ltd. completed B and B+ rounds of financing totaling 1.27 billion yuan [$200.6 million]. This round of financing was led by Dongfang Fuhai and Huaqiang Capital, AVIC Aviation Finance, China Military Financial Investment, Anhui Jiangnan Construction Investment, Chengdu New Economy Fund, Zhongtian Huifu, Yunding Capital, Tianhong Investment, Maiqiu Venture Capital, Hexin Fangce, Jiusong Heze, Tianqiong Xuanji, Zhidao Capital, Taicang Hongli, Haiyang Ruiming, Looking Up at the Starry Sky, Bright Starry Sky, and old shareholders Meihua New Potential Energy Fund, Yuanhang Capital, etc. joined the investment. We would like to express our sincere thanks to the new and old shareholders for their trust and support.
This round of financing will be used to accelerate the research and development and related infrastructure construction of the medium-to-large reusable liquid oxygen/kerosene launch vehicle Pallas-1.
Pallas-1 is a two-stage liquid and advanced upper stage reusable carrier rocket designed by Galactic Energy. The first and second stages with the Welkin liquid oxygen/kerosene engines, the rocket diameter of 3.35 meters, a total length of 42 meters, a liftoff mass of 220 tons, a LEO orbit carrying capacity of 4 tons and 700 km sun synchronous orbit carrying capacity of 2 tons.
Galactic Energy is the leading enterprise in the domestic commercial launch vehicle field. It is the first private company in China to successfully achieve continuous rocket launch into orbit. It is also the first domestic company to enter a 500 km sun-synchronous orbit and the first to achieve a multi-satellite business with one arrow. Launched private company.
Facing the booming commercial aerospace market, the company is committed to the innovative R&D and industrialization of a new generation of low-cost, high-reliability commercial launch vehicles, providing industry users with more flexible, fast and economical space launch services, and solving the high launch costs of the commercial aerospace industry, the bottleneck problem of low frequency, so that space resources can be more easily integrated into future human life.
Facing the market demand and the needs of the development stage, Galactic Energy adheres to the technology and product development path of “simultaneous development of solid and liquid, long-distance connection, and high-low matching”, and has made remarkable progress in both small commercial launch vehicles and medium and large-scale reusable launch vehicles.
In terms of small commercial launch vehicles, the developed Ceres-1 is the most cost-effective small commercial launch vehicle in China, and it is also the first private rocket to achieve commercial closed-loop in China. So far, a total of 6 commercial satellites have been put into orbit for commercial customers. Launch Services, the first to enter a new phase of commercial launch delivery.
In terms of medium and large-scale commercial launch vehicles, the company launched the project development of the Pallas-1 reusable liquid oxygen/kerosene launch vehicle at the end of 2018. The low-orbit carrying capacity of this type of rocket is not less than 5 tons, and the bundled configuration is expanded. The low-orbit transportation capacity can reach 14 tons, and the designed number of repeated use is 50 times. At present, the development of this model is progressing smoothly. The structural system, electrical system, and power system related products have been put into production. First flight into orbit.
In the future, Galactic Energy will continue to adhere to market-oriented independent technological innovation, and in the face of the booming demand for commercial aerospace development, comprehensively improve quality control and mass production and launch capabilities, seize market opportunities for global satellite launches, and accelerate China’s commercial aerospace industry. development of.
· Investors say ·
Huang Guoqiang, Partner of Oriental Fortune
Dongfang Fuhai has been paying attention to the commercial aerospace track since 2019, doing a lot of industry research, and visiting some companies and experts one after another. We found that among many start-up rocket companies, the milestone nodes of Galactic Energy are consistent with the original plan, which will be completed within 2 years of establishment. The first flight of the solid rocket, the mature liquid rocket route and the faster commercialization, the solid technology, rigorous and pragmatic team, and the high evaluation of industry customers, we are firmly optimistic about the future of Galactic Energy. Although the development time of China’s commercial aerospace is short, there are huge challenges, but with the strong support of national policies, commercial aerospace companies represented by Galactic Energy have worked hard, and my country’s commercial aerospace development will definitely have a bright future.
Chen Yu, General Manager of Huaqiang Capital
This round of Huaqiang Capital’s investment in Galactic Energy is already the third round of lead investment. When we first invested in Galactic Energy in 2019, we decided to invest in Galactic Energy within five minutes of meeting. In these five minutes, I could see the pattern and pattern of several founders. The cognition is very high, the strategic positioning is accurate and clear, and the organizational construction ability is strong. In terms of investment, Huaqiang Capital adheres to trend investment and value investment. We are very optimistic about the aerospace track. China’s commercial aerospace market will have a very large space for development in the future. In the future, Huaqiang Capital will continue to pay attention to the aerospace track, and join hands with astronauts with patterns, feelings and dreams to contribute to China’s aerospace industry.
Kong Lingfen, Chairman of AVIC Aviation Finance Fund
The “14th Five-Year Plan” period is an important strategic opportunity period for my country to enter a new development stage and build a new development pattern, as well as a key opportunity period for building an aerospace power. In recent years, AVIC Aviation Finance has fully deployed its layout around the aerospace industry and invested in Galactic Energy because it values its “leading innovation” in the commercial aerospace field. High-quality, inexpensive launch services.
Wu Shichun, founding partner of Meihua New Potential Energy Fund
We have always been optimistic about the new field of commercial aerospace, especially the commercial launch vehicle track. Galactic Energy is the most solid team in this track, and it is also the first team that can achieve a closed-loop business. We are firmly optimistic about Galactic Energy and this industry, so we are also continuing to increase our weight to help the future vigorous development of China’s commercial aerospace.
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