The Exploration Company (TEC), a European aerospace startup, announced on Monday that it has raised $160 million in funding to advance its development of Nyx, a reusable capsule designed to transport astronauts and cargo to space stations, CNBC reports.
The funding round was led by venture capital firms Balderton Capital and Plural, with participation from government-backed investment vehicles, including France’s French Tech Souveraineté and Germany’s DeepTech & Climate Fonds.
Nyx aims to position Europe as a key player in the burgeoning space exploration industry. The capsule is designed for reuse, capable of re-entering Earth’s atmosphere after delivering its payload to orbit and being prepped 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 go to the moon,” said Hélène Huby, TEC’s founder and CEO.
Huby emphasized the growing demand for cargo and personnel transport to space stations as nations ramp up their extraterrestrial ambitions.
TEC aims to compete with established industry giants, including SpaceX, whose Dragon capsule dominates the market, as well as Chinese and Russian alternatives.
“We said, ‘Let’s build this capacity in Europe so that Europe can have its own capsule… The world needs an alternative solution. We cannot only bet on SpaceX,” Huby noted.
The race to establish sustainable access to space has accelerated, with nations like China, the US, and India advancing ambitious projects. One such initiative is NASA’s Gateway program, the first space station set to orbit the moon.
“If you have more people, you also have a need for more cargo,” Huby explained.
She highlighted TEC’s role in addressing these logistical challenges. Nyx is poised to support missions involving cargo return from space, an area Huby believes the vehicle will excel in.
TEC is developing the second version of Nyx, with a planned launch in 2024, while the fully operational version is targeted for deployment in 2028. This final iteration will receive partial funding from the European Space Agency.
The company has already secured $800 million in contracts with partners, including Starlab, which is working on a new space station, and Axiom Space, known for its commercial space initiatives.
As international collaboration and competition intensify in space exploration, TEC’s reusable Nyx capsule represents a significant step toward Europe establishing a stronger foothold in the industry. By offering a viable alternative to SpaceX and other established players, TEC could play a pivotal role in shaping the future of human spaceflight and cargo transport.
