Europe’s SpaceX Rival Raises $160mn to Develop Reusable Spacecraft Nyx

The Exploration Company (TEC), often dubbed Europe’s answer to Elon Musk’s SpaceX, has secured €151.7 million in Series B funding to further develop its reusable spacecraft, Nyx. This milestone positions TEC as a significant contender in the global space industry, emphasizing Europe's ambition to become a leader in space transport.

Founded in 2021, TEC specializes in creating reusable space capsules for cargo and passenger transport. Nyx, the company’s flagship product, is designed to service the International Space Station (ISS) and other low Earth orbit (LEO) platforms. Unlike SpaceX’s Dragon capsule, which relies heavily on NASA funding, TEC’s Nyx is the first privately funded reusable capsule.

The funding round was led by Balderton Capital and Plural, with substantial contributions from French Tech Souveraineté and Germany’s DeepTech & Climate Fonds. TEC’s CEO, Hélène Huby, expressed optimism about the company’s trajectory: “Over the past 12 months, we have hit major operational and financial milestones. This funding will allow us to scale our ambitions and further develop Nyx.”

Key Milestones and Ambitions

• Development Timeline: TEC plans to launch an updated version of Nyx in 2025, with its first full mission slated for 2028.
• Strategic Contracts: In May, TEC signed a €25 million contract with the European Space Agency (ESA) for LEO cargo return services, marking a critical step in Europe’s post-ISS space strategy.
• Growing Market: With an annual growth rate exceeding 10%, the space cargo market represents a lucrative opportunity. Currently dominated by SpaceX and Northrop Grumman, TEC aims to offer an alternative while competition emerges from China, India, and Russia.

Distinctive Features of Nyx

Nyx is designed to operate independently of specific launch systems, offering flexibility that SpaceX’s Dragon lacks. “The world needs more competition, and TEC is building an alternative,” Huby said. The spacecraft’s ability to launch from various spaceports worldwide gives TEC an edge in serving international clients and promoting diversified space transport infrastructure.

Expanding Partnerships

TEC has already amassed approximately $770 million (€730 million) in contract backlogs, including agreements with Starlab Space and Axiom Space for pre-booked cargo transport missions.

Europe’s Space Race

The ESA’s push for a competitive European space sector underlines the importance of TEC’s work. With its reusable spacecraft, TEC not only aligns with Europe’s goals for greater independence but also challenges the dominance of U.S.-based companies in space transportation.

As TEC continues to secure funding and partnerships, it is poised to play a pivotal role in shaping the future of space exploration and transport, offering a European alternative in the rapidly evolving space industry.