Orbex Space is a UK-based, private launch services company focused on serving the small satellite industry. They are developing the Orbex Prime, a micro-launch vehicle designed for low-Earth orbit satellite deployment, utilizing innovative and sustainable bio-propane fuel. While initially planning to launch from Sutherland Spaceport, Orbex has shifted its launch operations to SaxaVord Spaceport. Orbex's key partners and customers include the UK Space Agency, the European Space Agency, and companies like Surrey Satellite Technology Ltd and Astrocast.
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Orbex’s Series D funding round failed to secure the funding required for the company to remain a viable business.
Orbex’s explored options include potential sale of all or parts of its business or assets.
Orbex has filed a notice of intention to appoint Administrators while continuing to trade as it explores options for the future of the company.
Skyrora intends to explore the purchase of select Orbex assets, including the Sutherland Spaceport.
The notice of intention to appoint Administrators provides short-term protection intended to give Orbex time to seek the best possible outcome for its creditors, employees, and wider stakeholders.
Skyrora views an acquisition of Orbex assets as safeguarding the product of taxpayer funds historically injected into Orbex.
Orbex’s subsidiary in Denmark collapsed on 20 January.
Orbex was developing Prime, a biofuel-powered microlauncher, and had been preparing a forthcoming launch before declaring insolvency.
Orbex will continue operating while it considers the full or partial sale of its assets.
Fusion negotiations with the Franco-German company The Exploration Company reportedly failed after Orbex lost financial backing from the British National Wealth Fund.
Orbex faces an uncertain future after failing to secure additional funding or complete a merger or acquisition.
The Exploration Company (TEC) began negotiating the acquisition of Orbex in December and those talks were frozen this week.
Skyrora has expressed interest in acquiring the Sutherland spaceport construction project that Orbex had been managing.
Orbex’s work on the Sutherland spaceport in Scotland, which Orbex had been carrying out, was halted in 2024.
Skyrora could invest up to £10 million (approximately €11.5 million) to acquire part of Orbex’s assets.
Orbex CEO Phil Chambers is disappointed by the company’s situation and regards institutional support as crucial for rocket development.
Orbex’s second major project was Proxima, a higher-capacity rocket whose viability is threatened by the lack of a rescue agreement.
Orbex filed a notice of its intention to appoint administrators and began insolvency proceedings on 11 February.
The Proxima rocket was in the earliest stages of development when Orbex entered insolvency proceedings.
Orbex CEO Phil Chambers posted on LinkedIn on 11 February that an administration process was running and invited bids for the company.