New investors in space rocket manufacturer Orbex include the Scottish National Investment Bank.
Chief executive Chris Larmour said it already had potential customers from the UK, Europe and America.SNIB was launched in November 2020 and will be backed by £2bn of Scottish government funding over 10 years."With Orbex, we will have a rocket assembled in Scotland, launching from Scotland and likely transporting satellites built in Scotland into orbit.
"This investment is a great example of the bank working with other investors to support scale-ups in Scotland and aligns with our mission to invest in innovation and the industries of the future." The other new investors include the Danish Green Future Fund, Switzerland-based venture capital firm Verve Ventures and British entrepreneurs Phillip and James Chambers.Development agency Highlands and Islands Enterprise is leading the £17m Space Hub Sutherland project. The facility is to be constructed on the Moine peninsula.
Plans for up to 12 launches a year from a single launch pad were approved by Highland Council in 2020. Scottish Land Court approval, which was also required as the proposed development is on crofting land, was granted the following year.More on this story