HyPrSpace along with a joint venture of Italian defence firm Leonardo and French IT firm Thales, and CT Engineering are pursuing the 35-million-euro ($38-million) project that aims to demonstrate a new type of rocket engine.
They said Tuesday they had received funding from France 2030, a French government fund that invests in innovative technologies.
The amount of the funding was not specified, but according to the business newspaper La Lettre it is 21 million euros, or 60 percent of the total cost.
Baguette One should take flight in the beginning of 2026 and aims to put small satellites up to 250 kilograms into orbit.
HyPrSpace had already received support from the France 2030 fund to develop its hybrid rocket engine that combines both liquid and solid fuels and which doesn't need a turbo pump, a complex and expensive piece of equipment.
The solid fuel component can use recycled polyethylene, a common plastic, according to HyPrSpace.
"This disruptive innovation in space propulsion will permit cheaper access to space that better respects the environment," the firms said in a statement.
mra/rl/giv
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