UK orbital launch company Orbex is in the process of appointing administrators after fundraising, merger and acquisition efforts concluded without success.
The Scotland based rocket manufacturer has filed a notice of intention to appoint administrators and will continue trading while options for the future of the business are explored.
Those options include the potential sale of all or parts of the company’s operations or assets.
The notice provides short term protection while efforts are made to secure the best possible outcome for creditors, employees and wider stakeholders.
Orbex confirmed that the funding required to remain viable was sought from a range of public and private investors during its Series D funding round.
That funding round ultimately failed to secure the capital required.
Several merger and acquisition opportunities were also explored but did not result in a favourable outcome.
The development comes as Orbex had been preparing for the first test launches of its microlauncher Prime later this year.
Prime has been described as one of the most advanced low carbon microlaunchers in the world and already holds commercial launch commitments from satellite customers.
Chief Executive Phil Chambers said:
“Disappointing doesn’t come close to describing how we feel about this moment.
“We have been successfully developing a sustainable, world-class sovereign space launch capability for the UK and were on the cusp of our first test flights later this year.
“It is no secret that designing and building space rockets to enable a launch service is a capital-intensive, highly advanced process with a long development cycle that creates a ‘scale-up’ funding gap.
“Institutional support is a crucial to bridge this gap and we have worked tirelessly to try to find both funding or rescue solutions.
“What is most disappointing is that we have brought hundreds of skilled jobs to Scotland; we have been at the vanguard of the UK’s space ambitions; we have led the way in driving good news about the UK’s space sector.
“Yet all of this progress now risks being undone and it is real people who will feel the consequences.”
Orbex has stated it will continue trading during the administration process while seeking a route forward.
