HELSINKI — Leading Chinese launch startup Galactic Energy has secured $154 million in funding for the event of its reusable Pallas-1 rocket.
Galactic Energy announced the 1.1 billion yuan C and C+ funding rounds Dec. 18. The funding will go towards research and development of reusable launch vehicle technology for the Pallas-1 medium-lift rocket and related infrastructure.
The rounds were led by Ziyang Heavy Industry Fund and joined by Bengbu Investment Group, Langfang Linkong, Founder Hesheng Investment, Jintuo Capital, and further undisclosed Investors, in keeping with an organization statement.
The funding announcement indicates there continues to be funding available to Chinese business launch firms despite an economic downturn and a crowded, competitive field. Announcements previously couple of years also suggest major national contracts might be available to business launch service providers, providing potential streams of revenue.
Pallas-1 is a 42-meter-long kerosene-liquid oxygen launcher with a planned capability of 5,000 kg to low Earth orbit (LEO), or 3,000 kg to a 700 km sun-synchronous orbit (SSO). Seven Cangqiong (Welkin) gas generator engines will power the primary stage.
The corporate stated on the China Industrial Aerospace Forum in Wuhan in July that it’s targeting Q3 next yr for the primary Pallas-1 flight. Recovery of a primary stage using landing legs is slated for 2025. In August Galactic Energy performed a hop test using a jet engine-powered test article to check guidance, navigation and control software.
Galactic Energy can be planning a triple-core variant of the Pallas-1. That launcher might be able to lifting 14,000 kg to LEO and is planned to launch as soon as 2026.
The firm says it’s targeting acquiring contracts to launch satellites for China’s national satellite web megaconstellation, named Guowang. The project would see China send near 13,000 satellites into LEO. The national plan is seen as a solution to the SpaceX Starlink and other constellations.
Other Chinese satellite constellation plans, including the nascent “G60 Starlink” broadband constellation could also provide opportunities.
Galactic Energy can be understood to be a possible competitor to fly low-cost cargo missions to the Tiangong space station. A call from China’s human spaceflight agency earlier this yr solicited after which chosen proposals for cargo spacecraft and launch solutions within the 4 to six tons to LEO range.
The finished rounds followed shortly after the corporate conducted a successful return-to-flight. The eleventh Ceres-1 four-stage solid rocket launch took place at Jiuquan spaceport Dec. 4, successfully sending a pair of satellites into near-polar orbits. Galactic Energy had suffered its first failure in late September.
Galactic Energy, full name Beijing Xinghe Dongli Space Technology Co. Ltd., was established in February 2018. The corporate has established itself as a pacesetter amongst a crowded Chinese business launch sector with its successful launches. It has also performed a successful launch from a mobile sea platform.
It’s the second large funding round for the corporate. Galactic Energy announced in early 2022 that it had raised $200 million in two funding rounds in the course of the second half of 2021. Pallas-1 was also the main focus of those rounds.
Galactic Energy, while establishing itself with the Ceres-1 (400 kg to LEO; 300 kg to 500-km SSO), faces stiff competition in larger, reusable rockets.
Landspace’s methane-fueled Zhuque-2, currently expendable, is already flying with two successful launches under its belt. It could possibly carry 1,500 kilograms to a 500-kilometer sun-synchronous orbit (SSO). An upgraded version might be able to lifting 4,000 kg.
The corporate has also announced a plan to develop a bigger, stainless-steel Zhuque-3. It’s to be able to lifting as much as 18,300 kg to LEO while also recovering the primary stage. 2025 is the goal for the primary launch.
Space Pioneer became the primary Chinese business startup to succeed in orbit with a liquid propellant rocket in April this yr. It’s now planning to launch its Tianlong-3 rocket in June 2024. The rocket might be comparable to Falcon 9 in launch capability and eventually have a reusable first stage. Space Pioneer secured latest major funding in October.
The yr 2023 has been a breakthrough yr for Chinese business launch actors. Galactic Energy, iSpace, Landspace, Space Pioneer and state-owned spinoffs CAS Space and Expace have all reached orbit this yr.
These business actors account for 17 of China’s 62 orbital launches to date. These include the primary successful Chinese business liquid-propellant launchers to succeed in orbit.