Photo source: Tech Startups
The Exploration Company (TEC) announced last week that it has successfully secured USD$160 million in funding to advance the development of its reusable capsule, which is intended for transporting astronauts and cargo to space stations.
Leading this funding round were venture capital firms Balderton Capital and Plural, with additional contributions from French government-backed investment group French Tech Souveraineté and the German government-supported DeepTech & Climate Fonds.
At the heart of TEC’s offerings is the Nyx capsule, engineered to be launched into space via rockets, and is capable of carrying both passengers and cargo. A significant feature of Nyx is its reusability—after delivering its payload, the capsule can re-enter Earth’s atmosphere and be prepared for subsequent missions.
“It’s a big market, and it’s growing about a bit more than 10% per year because more nations want to fly their astronauts and more nations want to go to the moon,” stated Hélène Huby, the founder and CEO of TEC. She also elaborated on the increasing demand for transporting people and supplies to space stations.
Major players in this field are only limited, including SpaceX, which operates the Dragon capsule, and other competitors from China and Russia.
“We said, ‘okay, let’s build this capacity in Europe so that Europe can have its own capsule and also the world needs an alternative solution. [We] cannot only bet on SpaceX,” Huby added.
TEC is actively working on a second iteration of Nyx, with plans for its launch next year, followed by a final version expected in 2028. This upcoming model will receive partial funding from the European Space Agency (ESA).
Huby mentioned that TEC has already signed contracts worth USD$800 million for utilising its capsule. These agreements include collaborations with companies such as Starlab, which is developing a new space station, and Axiom Space.
Furthermore, the global space sector is witnessing heightened activity from countries like China, the U.S., and India. One notable initiative is NASA’s Gateway project, which aims to establish the first space station in lunar orbit.
Huby also noted that as more individuals venture into space, there will also be a corresponding increase in cargo needs.
“If you have more people, you also have a need for more cargo. So this is what is happening around the Earth and around the moon. This is also where we believe our vehicle is going to play an important role.”