The Exploration Company (TEC) announced that it has secured $160 million to develop and test Nyx, the first European reusable space capsule.
“Space will play a critical role in shaping humanity’s future, and I want to contribute to building a future which is peaceful and cooperative, and our European DNA fits perfectly with this mission,” Hélène Huby, CEO of TEC said in a press release published on November 18, 2024.
TEC estimates the space logistics market in Low Earth Orbit and around the Moon to be over $300 billion over the next decade. This growth is partly driven by the growing number of space stations being constructed including Axiom, Starlab, Vast, Orbital Reef and the Lunar Gateway, as well as the various programs to explore the Moon and Mars.
Nyx is a spacecraft that can be reused and refilled in space from any heavy launcher and fly to any space station. It can bring back up to 3,000 kilograms of payload to Earth, similar to the SpaceX Dragon cargo capsule. After each mission, it will be refurbished for its next flight. The cost of this service will be 25% to 50% less than other vehicles, according to the press release.
The company said funding for Nyx was co-led by Balderton Capital and Plural, along with participation from several other investors, including Bessemer Venture Partners, NGP Capital, French Tech Souveraineté, DeepTech & Climate Fonds (DTCF), and Bayern Kapital.
The round also included significant follow-on investment from historical investors, including EQT Ventures, Red River West, Cherry Ventures, Promus Ventures and Omnes Real Tech Fund.
“Over the past 12 months, we have hit major operational and financial milestones and signed significant service contracts with both space agencies and commercial clients,” Huby added.
It is also the first time two European sovereign funds, French Tech Souveraineté managed by Bpifrance and DTCF, have invested together, according to the press release.
The latest round brings TEC’s total funding to nearly $230 million, which will be used for the development and testing of Nyx.
In 2025, TEC is set to launch a mid-size capsule, Mission Possible, carrying 300 kilograms of customer payloads. Nyx maiden flight is set for 2028, to carry cargo for the European Space Agency (ESA) to the International Space Station.