This is a first for the Franco-Spanish startup Pangea Aerospace! The New Space company has just formalized the signing of a first contract for the sale of its aerospike rocket engine. Announced on Monday April 24, this collaboration with the American micro-launcher Tehiru Space” could generate up to 50 million euros in revenue in the next five years for Pangea Aerospace “, says the startup recently installed in Toulouse.
Born in Barcelona, the young shoot came to open an office in Toulouse particularly to get closer to Cnes, with whom it signed a contract to try to adapt its technology to a propulsion force of 100 tonnes, in other words large launchers. Currently, Pangea’s aerospike engine, renamed Arcos, can propel a payload of a few hundred kilos into space. As part of the new collaboration with the American micro-launcher Tehiru Space, the latter promises a payload capacity of 550 kg.
Greener technology than current engines
To attract New Space startups and more particularly micro-launchers, Pangea Aerospace first promises an engine reusable” up to ten times and which allows atmospheric re-entry without engine ignition “. By this ability to reuse, the use of 3D printing to produce certain elements and the promise of a 15% reduction in fuel consumption, the economic interest seems to be found for those concerned.
Recently interviewed by The gallery, Marie Laure Gouzy, the manager of the startup’s activities in France, indicated that she had on her desk ” about ten letters of intent to purchase for its two products (Pangea also develops propulsion systems for satellites) and expressions of interest from launchers, one of which is becoming concrete today with Tehiru Space. In addition, these interested parties have with Pangea Aerospace an unprecedented commercial offer in the space industry: the sale of the aerospike rocket engine by the hour of flight.
“With Tehiru, this is the first sales agreement in a pay-per-flight model in history, which validates Pangea Aerospace’s business model, after the technical validation of this new propulsion technology with the ESA,” said the start-up in its press release.
Another major point, the technology developed by the company recently established in Toulouse is above all virtuous for the environment. ” The engine uses biomethane and oxygen as fuel, whose emissions are mainly water vapour, which drastically reduces the environmental impact “recalls Pangea. Therefore, the startup argues that the carbon impact is halved compared to a conventional rocket engine using kerosene.
Fundraising in progress
On the strength of this first commercial success and its technological advances, the young company founded in 2018 hopes to quickly complete a series funding round of at least ten million euros.
With this financial contribution, Pangea Aerospace wishes to install its means of production in the Toulouse region and employ around thirty people there by the end of 2024. Currently, it employs six people in Toulouse, within the B612, and around thirty in Barcelona.
The Franco-Spanish company aims to achieve a turnover of more than 300 million euros per year in 2030 with its two products and mainly with its Arcos rocket engine.
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