The Exploration Company (TEC), Europe’s largest and fastest-growing space tech innovator, has reached a historic milestone by securing $160 million in Series B funding. Co-led by Balderton Capital and Plural, the round represents the largest-ever Series B funding in the European space sector. With this infusion of capital, TEC aims to redefine space logistics and strengthen Europe’s leadership in space exploration.
Founded in 2021 by aerospace veterans, including CEO Hélène Huby, TEC has grown rapidly, leveraging its reusable and refillable spacecraft, Nyx, to tackle the evolving needs of space exploration. This latest round brings TEC’s total funding to nearly $230 million, further solidifying its position as a leader in the global space industry.
A Vision for Affordable and Sustainable Space Exploration
At the core of TEC’s operations is the Nyx spacecraft, a modular and reusable vehicle designed to make space exploration more accessible and sustainable. Nyx stands out for its unique combination of affordability, flexibility, and efficiency. The spacecraft can launch from any heavy launcher worldwide, making it truly agnostic and adaptable to the needs of various missions. Its innovative design includes the ability to carry up to 4,000 kilograms of cargo to space and return 3,000 kilograms back to Earth—the largest capacity of its kind.
Nyx’s cost-efficient missions, which are 25% to 50% cheaper than competitors, promise to open the space sector to new industries and participants. Sustainability is also a key focus, with Nyx powered by green, non-toxic fuel and designed for reusability and in-orbit refueling. This approach aligns with TEC’s mission to prioritize environmental responsibility in space exploration.
Milestones and Ambitious Goals
Despite its recent establishment, TEC has already achieved remarkable milestones. In 2023, the company became the first European firm to sign a Space Act Agreement with NASA, a testament to its growing international reputation. Additionally, TEC ranked #1 in the European space capsule competition, securing its first major contract with the European Space Agency (ESA).
Looking ahead, TEC plans to launch its mid-size capsule, Mission Possible, in 2025, which will carry 300 kilograms of payloads into low-Earth orbit. The maiden flight of Nyx Earth is slated for 2028, where it will deliver cargo for the ESA to the International Space Station (ISS). These milestones underscore TEC’s ability to execute with speed and precision.
Expanding Europe’s Role in the Space Industry
As the global space logistics market grows—expected to exceed $300 billion over the next decade—TEC is positioning itself as a critical player. The market expansion is driven by the increasing number of space stations, such as Axiom, StarLab, Orbital Reef, and the Lunar Gateway, as well as a renewed focus on lunar and Martian exploration.
Currently, the transportation capabilities for space logistics are concentrated among a few players in the United States, China, and Russia. TEC is stepping in to fill a critical gap, ensuring Europe has the infrastructure to support its space ambitions. With 98% of its shareholders based in Europe, TEC embodies a collaborative, European approach to innovation and exploration.
Building the Future with Advanced Technology
The Nyx spacecraft family is designed to meet a wide range of mission requirements, from Earth orbit to lunar destinations. Nyx Earth focuses on low-Earth orbit missions, while Nyx Gateway and Nyx Moon target lunar logistics and last-mile delivery to the lunar surface.
TEC’s proprietary propulsion systems are another cornerstone of its innovation. The Mistral green thrusters run on non-toxic fuel, while the Huracán in-orbit refillable engine utilizes cryogenic liquid methane and liquid oxygen. The high-thrust Typhoon engine further enhances Nyx’s versatility, showcasing TEC’s commitment to cutting-edge technology and sustainability.
Driving Collaboration and Investment
The Series B funding has attracted a diverse group of investors, including Bessemer Venture Partners, NGP Capital, and sovereign funds like French Tech Souveraineté and DeepTech & Climate Fonds (DTCF). This marks the first time two European sovereign funds have co-invested, reflecting the strategic importance of TEC’s mission.
Investors have expressed strong confidence in TEC’s potential. David Thévenon, Partner at Balderton Capital, noted, “The Exploration Company is poised to redefine European leadership in space exploration. Their mission promises to unlock unprecedented opportunities for humanity’s future in space.”
A New Era of Space Sovereignty
CEO Hélène Huby emphasized the importance of Europe’s independence in space. “Space will play a critical role in shaping humanity’s future, and I want to contribute to building a future that is peaceful and cooperative,” she said. “Our European DNA fits perfectly with this mission.”
With its innovative spacecraft, ambitious milestones, and strategic European partnerships, TEC is not just building a vehicle but a vision—a future where space exploration is accessible, sustainable, and inclusive. As TEC scales its operations and prepares for upcoming launches, it stands at the forefront of a new era in space exploration. For Europe and the world, The Exploration Company is shaping a transformative path toward the stars.
