PLD Space secures 120 million euros to fuel its space missions

PLD Space secures 120 million euros to fuel its space missions
by Hugo Ritmico
Madrid, Spain (SPX) Apr 24, 2024

PLD Space, the Spanish aerospace firm, has successfully raised 120 million euros in funding to meet its forthcoming technological and operational goals, including the MIURA 5 mission planned for late 2025.

Since its inception, the company has been pivotal in the aerospace sector, marking a significant milestone with the successful launch of MIURA 1 in October 2023. Initially, the company garnered 78 million euros from shareholders confident in its technological capabilities and business strategy. An additional 42 million euros have been secured through the PERTE initiative, supported by the Spanish government, to develop a national space launcher.

PLD Space's investors include notable industrial and institutional backers like Aciturri and the Centre for the Development of Industrial Technology (CDTI) through its Innvierte program, which offers both financial support and strategic expertise.

"Funding the MIURA family of rockets has been a challenging endeavor, yet the successful launch of MIURA 1 has solidified our leadership in the industry," stated Raul Verdu, CBDO and co-founder of PLD Space. "We are committed to achieving the first orbital launch of MIURA 5, a milestone we could not reach without our shareholders, clients, team, and suppliers."

The funds will primarily be used for significant expansions in infrastructure and corporate growth. PLD Space plans to quintuple its facilities' footprint, expanding from 169,000 to 834,000 square meters. This expansion includes the launch of Spain's first serial space rocket factory in mid-2024 in Elche, Alicante, significantly enhancing its production capabilities and integrating its operations.

Moreover, the company aims to extend its testing facilities from 154,000 to 800,000 square meters. In 2024, construction will also commence at the European CSG spaceport in Kourou, French Guiana. This facility will facilitate the first launches of MIURA 5.

By the end of this year, PLD Space aims to increase its staff from 161 to 300 employees, aligning with its growth trajectory in production, supply chain, and quality.

Looking ahead to 2025, the focus will shift to testing and launching the first MIURA 5 unit. The company anticipates initiating commercial operations in 2026, with an ambitious target of surpassing 30 launches annually by 2030.