Balderton 
- Portfolio News
- 17 December, 2024
The Series B round was co-led by Balderton Capital and Plural, with participation from several additional investors.
Founded in 2021 by Hélène Huby, former VP Orion-ESM at Airbus, and an experienced team from Airbus and ArianeGroup, The Exploration Company develops, manufactures, and operates spaceships to serve the logistical needs of space stations and space exploration. With a focus on reusable and refillable spacecraft, TEC aims to make space exploration affordable, modular, and sustainable.
The funding brings TEC’s total raised to nearly $230 million and will be used to develop and test Nyx, expand the 200-strong team, and scale capacity.
With their unparalleled expertise and visionary approach, The Exploration Company is poised to redefine European leadership in space exploration. Their mission to make space exploration more accessible and sustainable promises to unlock unprecedented opportunities not just for Europe, but for humanity’s future in space. We’re thrilled to fuel this journey toward a new era of European space leadership – one that will reshape our understanding of what’s possible beyond Earth
David Thevenon Partner, Balderton
Powering Europe’s space sovereignty
TEC is powering a new era in European space sovereignty, providing the continent with reusable and refillable space vehicles, which will be critical as space exploration escalates in the next decades. TEC estimates the addressable space logistics market in Low Earth Orbit and around the Moon to be over $300B over the next decade, 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 exploration race to the Moon and Mars. As transportation capabilities are currently concentrated amongst a few players in the US, China and Russia, there is a drive within Europe to enable its own space exploration capacities.
The company is developing Nyx, a reusable and in-orbit refillable spacecraft that can be launched from any heavy launcher and fly to any space station. It will be able to return to Earth with up to 3,000 kg of cargo – the largest down-mass available worldwide – and subsequently refurbished for its next mission. The cost of this service will be 25% to 50% less than other vehicles.
TEC, the first European company to sign a Space Act Agreement with NASA, reached a major milestone this year when it signed its first major contract with the European Space Agency (ESA), ranking number one in the European space capsule competition. The company is on track to launch its mid-size capsule, Mission Possible, in 2025 carrying 300kg of customer payloads. Nyx Earth’s maiden flight is set for 2028, to carry cargo for ESA to the International Space Station.
This significant raise is a reflection of not only the talent and commitment of the team at TEC but also that building global companies with European roots can only be done through fostering trust and cooperation between European countries. 98% of our shareholders are European, demonstrating that the continent can finance bold entrepreneurs. 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.
