Galactic Energy, a rocket startup in China, has secured $154 million (1.1 billion yuan) in funding for the development of its reusable Pallas-1 rocket.
Galactic Energy announced the 1.1 billion yuan C and C+ funding rounds on December 18. 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, according to a company statement.
The funding will go towards research and development of reusable launch vehicle technology for the Pallas-1 medium-lift rocket and related infrastructure. To meet the growing demand for large-scale and rapid networking of low-orbit constellations, the startup “will continue to increase research and development efforts to build a low-cost, highly reliable Pallas 1 medium and large reusable launch vehicle with fast response and high-density launch.”
Pallas-1 is a 42-meter-long kerosene-liquid oxygen launcher with a planned capacity of 5,000 kg to low Earth orbit (LEO) or 3,000 kg to a 700 km sun-synchronous orbit (SSO). The Pallas-1 liquid launch vehicle has completed multiple large-scale ground tests, with its first flight into orbit planned for 2024.
The news comes nearly two weeks after Galactic Energy successfully launched its CERES-1 Y9 carrier rocket from the Jiuquan Satellite Launch Center in northwest China, sending two satellites into orbit. CERES-1 is a small-scale solid-propellant carrier rocket designed to send micro-satellites to low orbit. It can carry a payload of up to 300 kg to a sun-synchronous orbit at an altitude of 500 km.
Beijing-based Galactic Energy has served 16 commercial satellite customers and launched a total of 35 commercial satellites of various types.
Founded in 2018, Galactic Energy is one of several private Chinese space launch ventures. Other firms including iSpace, Landspace, Deep Blue Aerospace, CAS Space, and Space Pioneer have also made their mark as China plans to grow into a global leader in space technology by 2045.
China opened up its space sector to private and commercial activity in 2014, spurred by the surge of commercial space activity in the United States. The Chinese space economy has grown exponentially, with over 200 commercial companies and startups receiving enormous capital investment as well as government incentives.
The year 2023 has been a notable year for China’s commercial launch companies. In November, Beijing-based iSpace achieved a significant milestone by conducting the country’s first test of a reusable rocket with a successful full-scale test of the first stage of its Hyperbola-2 launch vehicle.
